What Happens At Your Bankruptcy Hearing in Georgia?

When you file for bankruptcy in the state of Georgia, you, together with your attorney, are required to attend a meeting with the Bankruptcy Trustee. The Trustee is appointed by the court to review the bankruptcy, verify your identity, and make a report to the court as to whether you have any non-exempt property. For most of our clients, your property is exempt and you are allowed to keep all of your assets.

This meeting is called a Section 341 Meeting of Creditors. "Section 341" refers to the part of the Bankruptcy Code that requires this meeting, and it is called a "Meeting of Creditors" because it is an opportunity for creditors to attend and ask questions regarding your assets or debts. However, creditors rarely attend these hearings except in large business cases.

This meeting is informal and a judge is not present. You are required to bring your driver's license and proof of your social security number to your 341 meeting. Below is a list of some standard questions you might be asked:

What is your full name?

Did you review and sign the documents?

Are you familiar with the information contained in your filing documents?

Is the information true and correct?

Have there been any substantial changes since the filing?

Are all of your assets listed?

Are all of your debts listed?

Do you have a child support or spousal support obligation?

Have you read the bankruptcy information sheet (a handout King & King provides to you)?

Have you filed a bankruptcy previously?

Contact King & King today to schedule your free consultation.  With offices in downtown Atlanta, Cobb County, and Lawrenceville, we are able to easily accommodate our clients living anywhere throughout the Atlanta metro area.  Call King & King Bankruptcy at (404) 524-6400 or visit us at www.kingandkingattorneys.com for more information.

Should I Try To Pay A Creditor Before I File Bankruptcy?

While attempting to pay a creditor before you file bankruptcy may sound like a good idea, if you pay a creditor more than you are paying your other creditors, then that “favored” creditor may be required to give back that extra money so that it is shared among all the creditors.

The bankruptcy court will look at your debts and your rate of repayment. So it’s possible the creditor you were trying to keep out of your bankruptcy case may have to get involved. He or she may be asked by the court to return the money you paid for redistribution.  Payments to favored creditors become an issue when they are discovered after your bankruptcy is filed, so be sure to disclose all creditors to your bankruptcy attorney.

If you will need to file a bankruptcy, before you pay anything to a relative or any other kind of creditor, schedule a free consultation with a King and King experienced bankruptcy attorney. Call us at 404-524-6400 or visit us online at www.kingandkingattorneys.com.

Will I Need To Go To Court When I File Bankruptcy?

Every person who files bankruptcy will have at least one mandatory hearing, also known as the 341 Meeting of Creditors.  It is a simple hearing usually attended only by the debtor, the debtor’s attorney, and the bankruptcy trustee.  Creditors are also allowed to attend.

These hearings are informal compared to a court proceeding and may be very brief.  Your trustee will ask you about your assets, your income, and any other questions they have about your bankruptcy.

Some cases, especially Chapter 13 cases, may require more hearings, but most of King & King’s clients only have to appear in court once at the 341 meeting.

It is very important to have an attorney representing you at these hearings so your rights are protected.

In both chapter 13 bankruptcy and chapter 7 bankruptcies your attorney will be able to guide you through the process and advise you on the possibilities of going to court. Call King and King in Atlanta today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com

If I File Bankruptcy in Georgia Can I Keep My Property?

Can I Keep My Property if I File Bankruptcy?

In almost all of our cases, the answer is "yes."

Bankruptcy exemption laws in Georgia allow you to keep your property.  The Chapter 7 trustee can collect all “non-exempt” property, liquidate it, and distribute it to creditors.  But the Debtor gets to protect their property with exemptions.  Most Debtors are able to keep all their property when the exemptions are fully utilized. There are exemptions for all kinds or real and personal property such as homes, cars, clothing, household goods, pensions, 401(k) plans, IRAs, life insurance proceeds, etc.

The exemptions must be applied properly or the Trustee can seize your property without your consent to sell to your unsecured creditors.  It is very important to have an excellent grasp of the exemption rules in filing your bankruptcy or you risk losing your property.  King & King’s lawyers understand the Georgia and federal rules regarding bankruptcy and can help you protect what is yours, enabling you to get the “fresh start” the bankruptcy is really about.

The best way to determine your exemptions is to contact a qualified bankruptcy attorney.  Call King and King Attorneys in Atlanta, Georgia for help today. 404-524-6400

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.

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 http://www.kingandkingattorneys.com, 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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