Are you feeling overwhelmed by legal jargon and financial stress?
We’ve simplified the most common questions and terms to help you navigate the bankruptcy process with confidence. If you still have questions or ready to start the process, schedule a consultation today!
If you are looking to file bankruptcy in the state of Georgia the timeline of the bankruptcy depends on whether or not it is a Chapter 7 or Chapter 13 bankruptcy case.
A typical Chapter 7 case takes about four to six months from filing to settling. Chapter 13 cases can take three to five years to close.
However, filing for bankruptcy can be done in a relatively short amount of time.
The period can be as long as a few weeks or as short as the day you visit. Also, emergency filings are available through the court’s electronic filing system.
All this talk about Chapter 7’s and Chapter 13 cases can be very overwhelming if you are not familiar with the legal terms. Please allow us to answer those questions as well.
As stated, the legal jargon used in bankruptcy cases can be hard to understand however it is important to know a few of the terms.
Bankruptcy: Legal status of an individual or a company that can no longer repay its debts.
Chapter 7: File for this when you have basic property and only enough money to pay for basic needs.
Chapter 13: File for this when you have large amounts of assets and you would like to keep them after the case is settled.
Repossessions: A term used when a financial institution, like a bank or loan company, taking back an object that you can no longer make payments on.
Foreclosures: A process that takes place when a homeowner can no longer make payments on their home and must give up all homeowner rights.
Wage Garnishments: A legal procedure where a person’s earnings are withheld by an employer because is required by a court order.
Liquidation: Sale of all of debtor’s assets with proceeds going back to debtors.
Do not let these terms and other jargon deter you from getting the answers you want.
We’re always here when you need us—day or night.
Trusted legal guidance from Georgia’s leading bankruptcy firm.
