Wednesday, July 31, 2013

When Filing Bankruptcy in Georgia Can I Pay Certain Creditors First?

In Bankruptcy Can I Can I Pay Certain Creditors First?
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The answer is simply no. In fact if you pay a creditor more than you are paying to your other creditors, then they may be required by your bankruptcy trustee to give back that extra money so that it is shared among all of your creditors, although this situation is very uncommon in the typical bankruptcy.  

In both Chapter 7 and Chapter 13 bankruptcy, your bankruptcy trustee will want to be sure you did not defraud your creditors by paying one more than another.  They will review your information for “insider” payments.  An “insider” is a relative, friend, or business associate.  Any payment or property transfer of over $600 in the year before your bankruptcy may be reversed.  This scenario very rarely arises.

Your Georgia bankruptcy attorneys at King and King will know what the standard procedure is in your local bankruptcy court. Call King and King for a free consultation today 404-524-6400.

Monday, July 22, 2013

What documents will I need to file Bankruptcy in Georgia?

List of documents you will need to file Bankruptcy in Georgia.

At your initial consultation with a bankruptcy attorney at King and King, you won't have to bring much. However, as you and your attorney continue to work together, you'll need to provide some documentation about your finances in order to complete the necessary paperwork when filing bankruptcy.

Along with your petition, your bankruptcy filing will include several documents that list your assets, income and debts.

The documents listed below provide an overview of the type of information your attorney will need. However, each case is unique. Your lawyer will let you know what specific documents he or she would like you to bring.

The following documents will be necessary:
  •          Copy of your driver’s license or state-issued ID card
  •          Copy of your last 2 months of paystubs
  •          Previous year’s tax returns (if already filed)
  •          All of your creditor information (or King & King can pull a credit report for you)

This is all you need to get your bankruptcy started. Call King and King bankruptcy attorneys today for a free consultation. 404-524-6400

Thursday, July 18, 2013

What Are the Different Types of Bankruptcy I Can File In Georgia?

King and King Bankruptcy Attorneys, Atlanta Georgia

What Are the Different Types of Bankruptcy I can File In Georgia?

Bankruptcy in the United States is federal: all bankruptcy cases are handled through the federal court system.  Bankruptcy currently consists of 9 chapters, which are assigned numbers between 1 and 15 for administrative purposes. The vast majority of bankruptcies in the United States are filed under three chapters: Chapter 7, Chapter 11, and Chapter 13.

Chapter 7

A Chapter 7 bankruptcy is available to both individuals and businesses in Georgia.  A Chapter 7 bankruptcy is a liquidation process.
- When an individual files under Chapter 7 bankruptcy in Georgia, the bankruptcy trustee oversees the Chapter 7 process. The bankruptcy process is there to help, so exemptions allow the individual to keep thinks you need to lead a normal life: clothing, household goods and furniture, motor vehicles, and retirement funds are all examples of categories of assets that can be declared exempt. In many cases, debtors with homes are able to keep their homes. In many cases the debtor does not have any non-exempt property at all, so the creditors receive nothing.
- When a business files under Chapter 7 bankruptcy in Georgia, the business is literally liquidated: it goes out of business permanently. The trustee sells off all of the filer’s assets, if any, and the proceeds go to pay the creditors. At the conclusion of the bankruptcy process, the business no longer exists as a legal entity.

Chapter 11

A Chapter 11 bankruptcy in Georgia involves reorganization. Chapter 11 is primarily used by businesses, although some high-income or high-asset individuals may be required to file under Chapter 11 in rare cases. Chapter 11 allows businesses to continue operating during and after the bankruptcy process, although not all Chapter 11 filers choose to remain in business. A Chapter 11 filer is allowed to develop its own plan for reorganization and partial or full repayment of creditors, subject to the approval of the trustee.

Chapter 13

A Chapter 13bankruptcy in Georgia is available only to individuals. Chapter 13 involves reorganization, rather than asset liquidation. The debtor proposes a plan to fully or partially repay his or her creditors over time, subject to the approval of the bankruptcy trustee. Chapter 13 bankruptcies last for either 3 or 5 years, depending on the financial status of the filer. As with the other forms of bankruptcy, individual Chapter 13 filers are entitled to claim exemptions.

Other Bankruptcy Chapters

The other forms of bankruptcy in Georgia are rare. Chapter 9 governs debt restructuring by municipalities. Chapter 12 is a reorganization chapter that is available only to family farms and commercial fishermen. Chapter 15 was added to the bankruptcy code in 2005 and addresses international bankruptcies.

If you are considering bankruptcy in Georgia, call King and King attorneys in Atlanta for a free consultation. 404-524-6400

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Friday, July 5, 2013

Can You File Bankruptcy Without An Attorney?

How Hard Is Filing Bankruptcy Without An Attorney?

You have two options when filing for bankruptcy: hire an attorney or do it yourself (also known as filing pro se).
As a pro se bankruptcy filer, you have all the same rights that you would have had you had filed with an attorney.  However, when you represent yourself, you are expected to know and understand how the law is practiced in the Bankruptcy Courts.  Bankruptcy Judges and trustees deal with heavy case loads and can have very little patience for those pro se filers who are not prepared or who don’t understand how the process of bankruptcy works. Be sure you are familiar with the United States Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and the Local Rules of your jurisdiction before you file a pro se bankruptcy.

What about Online Bankruptcy Kits and non-attorney “Petition Preparers?”

There are many websites and companies that offer “bankruptcy kits” to help you file without an attorney.  Also, some non-attorney “petition preparers” may offer their services in preparing and filing your bankruptcy petition, but they do not actually represent you or your interests in Court.  These preparers are almost never attorneys and do not help you once your case is filed. There is also little supervision over these companies, unlike the strict court rules that govern bankruptcy attorneys to ensure your best interests are being represented at all times.
The truth is, bankruptcy is much more complex than just filling out forms. People who file their cases using bankruptcy kits or “petition preparers” often encounter problems with their bankruptcy and can be forced to hire a bankruptcy attorney to help correct the mistakes that were made. This can be a very expensive, time-consuming and painstaking route to take.

A personal individual evaluation by a lawyer is the only way to get a true understanding of what bankruptcy law can do for you.  Filing for bankruptcy without the help of a lawyer can be a difficult and time-consuming experience. We recommended that if you are considering filing bankruptcy that you consult with a competent attorney prior to filing your case.  Call King and King at 404-524-6400 for a free consultation to identify any potential issues specific to your case.
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Tuesday, July 2, 2013

What is a Trustee? What is Their Role in Bankruptcy? Atlanta Bankruptcy Attorneys King and King Explain.

What Role Does the Bankruptcy Trustee Play?

When you file for bankruptcy in Atlanta, you are assigned a trustee. This trustee is automatically assigned to you based on where you live. Basically, the trustee controls the process of the bankruptcy from start to finish. They look for assets to help repay creditors and make decisions in your case. You should know your rights and how this relationship works in regards to your bankruptcy plan. Watch the video now to learn more.

What Does a Chapter 7 or chapter 13 Bankruptcy Trustee Do?

The bankruptcy trustee is a private business person who may or may not be an attorney. He or she is charged with upholding the Bankruptcy Code and collecting as much money for the estate as possible. He or she works in the interest of creditors. According to the federal guidelines, the bankruptcy trustee gets a percentage of whatever is collected on behalf of creditors. Therefore, some financial incentive for the trustee involves ensuring that you are disclosing everything properly.

How Does the Trustee Meeting Work?
The purpose of this meeting is to verify the information in the bankruptcy petition, you are expected to bring all of your documentation, this meeting is generally a short one.
The trustee meeting commonly raises questions, contact us for a free consultation.

For more information about bankruptcy law and our firm, visit us at, where you can view our information about chapter 7, and chapter 13 bankruptcy. If you have legal questions, call us at (404) 524-6400 for a free consultation.

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