Athens Georgia – GA Chapter 13 Bankruptcy Attorney

Chapter 13 in detail

Chapter 13 Bankruptcy is often referred to as the wage earner’s plan. It is designed to enable financially distressed individual debtors with regular income to propose and carry out a repayment plan under which creditors are paid over an extended period of time generally three to five years. The debtors can keep their assets if they make payment according to the repayment plan. Chapter 13 eligibility is contingent on the fact that the individual's unsecured and secured debts are between certain dollar amounts that are adjusted annually by statute. Only individuals can file for Chapter 13 Bankruptcy. A corporation or partnership cannot file for bankruptcy under Chapter 13.

During the repayment plan, creditors are barred from starting or continuing collection activity. Chapter 13 will discharge most debts but some debts may have to be paid off.

The repayment plan is supervised by the court. If the repayment plan is more than three years, the debtor must show cause. The court will not approve plans over five years.

A chapter 13 bankruptcy petition must be filed in the bankruptcy court and must include the following information:

1. A list of all creditors and the amounts and nature of their claims;
2. The source, amount, and frequency of the debtor's income;
3. A list of all of the debtor's property; and

A detailed list of the debtor's monthly living expenses including  food, clothing, shelter, utilities, taxes, transportation, medicine, and so on.
The petition must be accompanied by the following:

1. Schedules of assets and liabilities;
2. Schedule of current income and expenditures;
3. Schedule of unfulfilled contracts and unexpired leases; and
4. Statement of financial affairs.

After the petition is filed, the Court will appoint an impartial trustee. The trustee will collect the payments from the debtor and distribute the payments to the creditors according to the repayment plan.
There is a filing fee of $274 payable at the time of filing. The court may permit the debtor to pay this fee in four installments.

If a husband and wife file jointly, they only have to pay the fees once. But if only one spouse files for bankruptcy, that spouse must provide financial information about both spouses so that the court can evaluate the couple’s financial situation.

Our bankruptcy attorneys are based in Athens, GA. From our Athens Georgia offices, we help clients in Watkinsville, Carnesville, Elberton, Homer, Jefferson, Danielsville, Lexington, Hartwell, Winder, and Clarke County, Oconee County, Elbert County, Franklin County, Banks County, Jackson County, Madison County, Hart County, Barrow County, Oglethorpe County, and Ben Epps Airport, University of Georgia (UGA), Piedmont Judicial Circuit, Northern Judicial Circuit, Athens-Clarke County with Chapter 13 filings. We can help you file for bankruptcy.