Georgia bankruptcy attorney
The term bankruptcy is derived from the Italian word banca rotta meaning broken bench. The name has its origins in the ancient Italian custom of breaking a businessmans bench if he is unable to pay his debts. In the present scenario, bankruptcy laws serve to protect the interests of debtors without sacrificing those of the creditors. It is basically an honest method to allow the debtors to manage a financial mess. The US bankruptcy law court manages bankruptcy cases for both individuals as well as businesses. The recent restructuring of bankruptcy laws has made it mandatory for an individual who is considering filing to go through a process known as means test.
This test can be pretty complex and could end up being the final word on whether your filing has been accepted or not. This basically means that the court is going to go through your case with a really fine toothed comb. The court then considers various factors such as your income levels and the nonexempt properties that you possess before giving its decision.
The court can decide whether you need to file bankruptcy or not. It helps you clear your debts, while still being able to maintain your reasonable and basic necessary living expenses. This is where things tend to get a bit sticky. The term reasonable is a very relative term, and the consumers idea of reasonable might be a beach front condo in Miami, its highly unlikely that the court agrees to your idea of reasonable and basic.
Filing for bankruptcy can render you with sleepless nights and a perpetual sick feeling. Bankruptcy filing involves finding your way through a crazy mangle of laws, in addition understanding the types of bankruptcy you can file. Individuals have the option of representing themselves in bankruptcy proceedings, at least as per Chapter 7 which involves liquidation of assets. However for someone who does not have the experience of dealing with legal documents this can turn out to be a daunting task. Incorrect filing of papers can put you in an even bigger mess than the one which lead you to file the bankruptcy in the first place. If time is a concern for you, then its always better to go for an attorney that specializes in bankruptcy. When choosing a bankruptcy attorney try to go for one which packs the best possible skill set.
Bankruptcy laws tend to vary from state to state but much of it has the same federal foundation. The variations are also fairly minor. The new law also prevents a person from filing bankruptcy from another state just for the fact that it has more lenient bankruptcy laws. In Georgia, if you have a joint debt with your spouse and there is a possibility of a divorce in the near future, you should clearly identify your spouses obligation to pay his part of the debt as a child support or alimony. A Georgia divorce attorney can help you build a paper for the characterization to hold up in court.
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