What are the steps I need to follow to file for bankruptcy in Georgia as an individual or a business owner?

The Steps to File for Bankruptcy in Georgia

As an individual or a business owner, the following steps will guide you through the bankruptcy process:

Step 1: Gather Documentation

Before starting the bankruptcy process, gather financial information such as bank statements, credit card statements, income receipts, and tax returns. Record your income and expenses in detail.

Step 2: Choose the Right Bankruptcy Type

Chapter 7 bankruptcy is best for individuals or businesses looking to discharge most or all of their debt. Chapter 13 bankruptcy is ideal for those who want to reorganize their debts and establish a repayment plan for creditors.

Step 3: Complete Credit Counseling

Complete credit counseling within 180 days of filing. Counseling agencies offer services to individuals or businesses, which can be found online. A fee is required for this service.

Step 4: File Bankruptcy Petition

File your bankruptcy petition with all necessary documents, including debts, assets, and liabilities. Pay the filing fee, which varies depending on the type of bankruptcy filed. Additional paperwork and forms may be required by the court.

Step 5: Attend the Meeting of Creditors

Attend the meeting of creditors, conducted by the trustee appointed to your case by the court. The trustee will verify your financial information and ask questions about your bankruptcy petition.

Step 6: Complete Financial Management Course

Take a financial management course to learn how to manage finances better and avoid similar financial problems.

Step 7: Receive a Discharge of Debts

If the court approves your bankruptcy petition, you will receive a discharge of debts. You will no longer be responsible for paying discharged debts. However, certain types of debts like student loans or tax debts may not be discharged.

In conclusion, filing for bankruptcy can be complex and time-consuming. Follow all necessary steps thoroughly and accurately to ensure the best possible outcome for your bankruptcy case. Working with an experienced bankruptcy attorney in Georgia can help you understand bankruptcy laws and proceedings to ensure a smooth and successful process.