Representation in the U.S. Bankruptcy Court, Northern District of Georgia
Our attorneys at bankruptcy law firm Smith, Dettmering, Morgan, Schnatmeier & Collins, LLP have more than 80 years of experience devising effective solutions for debtors. When you come to us for help, we review your financial situation to determine whether bankruptcy is the right option for you. We may advise you about pursuing other debt relief remedies if it is in your best interests to do so. Before filing a Chapter 7 bankruptcy application, we thoroughly explain the process, the expected outcomes and the effect that a bankruptcy record has on your credit score.
What you should know about the bankruptcy process
To file for Chapter 7 protection, U.S. bankruptcy codes require you to qualify under the means test — which limits eligibility to those debtors earning less than the amount currently indicated for residents of Georgia. In addition, you must participate in a credit counseling session through one of the agencies credentialed by the courts. Our bankruptcy attorneys guide you through each step of the complex procedures. Even if you have been told by another lawyer that you do not qualify for Chapter 7 bankruptcy, visit us for a second opinion. There are several deductions available to petitioners under the U.S. Bankruptcy Code. We have often found that clients do in fact satisfy the means test requirements after we have recalculated income and included all allowable deductions.
Asset protection in Northern Georgia bankruptcy
Chapter 7 is often referred to as the liquidation bankruptcy because the code includes specific provisions for selling debtors’ property to pay creditors. However, debtors are permitted exemptions — such as for tools of the trade, household items and automobiles up to the statutory amount. In addition, a reaffirmation agreement permits a debtor to retain property and continue paying the loan. We counsel you about protecting your assets during and following the bankruptcy process. In many cases, we are able to strategize total property retention when we file a Chapter 7 bankruptcy in Georgia, so that you can keep all or most of your assets.