Serving Marietta and Cobb County, Georgia
Marietta and Cobb County Bankruptcy Lawyers
Gentry, Smith, Dettmering, Morgan, Schnatmeier & Collins, LLP can assist you with filing bankruptcy in Georgia, whether Chapter 7, 13, or 11.
Chapter 7 bankruptcy
Chapter 7 is a bankruptcy option for individuals as well as businesses. Chapter 7 bankruptcies pay creditors through liquidation of certain assets. In 2010, U.S. Courts records showed that approximately 71 percent of all personal bankruptcies filed were Chapter 7, but federal law limits Chapter 7 eligibility. A means test disqualifies debtors with greater incomes than the median income of their state’s residents unless their disposable income is lower than the established threshold. Our Marietta chapter 7 bankruptcy lawyers can help personal debtors calculate income to determine eligibility. If you have been told by another lawyer that you do not qualify for a Chapter 7, come see us for a second opinion. We conduct a thorough analysis of your finances, taking every allowable deduction, to try to qualify debtors.
Chapter 13 bankruptcy
Businesses are not eligible to file Chapter 13 bankruptcies, only individuals. Chapter 13 requires debtors to have a stable, steady source of income and allows debtors to reorganize debt and submit a repayment plan for the trustee to approve. The repayment plan extends over a three-year to five-year period, depending on the debtor’s financial circumstances. The trustee determines payment of secured debts and may reduce or eliminate altogether certain unsecured debts. Once the repayment plan is complete, the trustee discharges the debtor of any further liability for debts covered by the bankruptcy. In 2010, approximately 29 percent of all personal bankruptcies filed were Chapter 13. Our Marietta Chapter 13 bankruptcy attorneys can help determine if this type of bankruptcy is best for you. If you are behind on your mortgage but want to remain in your house, Chapter 13 may be a great option for you. If you have a second mortgage that is unsecured you may be able to eliminate that lien in Chapter 13.
Chapter 11 bankruptcy
Chapter 11 is most commonly filed by businesses, although individuals may also file Chapter 11. Wealthy individuals whose debts surpass Chapter 13 debt limitations may choose to file Chapter 11. In 2010, approximately one percent of all personal bankruptcies filed were Chapter 11. Business owners who wish to stay in operation file Chapter 11, which allows owners to reorganize their businesses and continue to run them, while overseeing financial management and paying creditors. Those who wish to close their doors may be better off filing a personal Chapter 7.
Rely on a bankruptcy attorney for legal help
Bankruptcy is complex, requires extensive documentation, and must adhere strictly to bankruptcy procedures. Contact Gentry, Smith, Dettmering, Morgan, Schnatmeier & Collins, LLP to find out how our Marietta bankruptcy lawyers can assist you with personal or business bankruptcy in Georgia.