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Chapter 7 info

You are here: HOME>GEORGIA BANKRUPTCY LAW QUESTIONS>CHAPTER 7 INFORMATION

Georgia Chapter 7 Bankruptcy

What is the purpose of a Chapter 7?

Chapter 7 is designed to wipe out debts. It is the fastest and most straightforward type of bankruptcy. It works best if you have a lot of credit card debts, medical bills, or a vehicle repossession deficiency. When you receive your Chapter 7 discharge, all of these debts are forever extinguished and gone.

You can sometimes file Chapter 7 even if you own a house, car or other hard assets.  First, you must be current with your payments so the creditor will be willing to “reaffirm” its debt with you. Second, you are only allowed to reaffirm if your equity position in real or personal property falls within the Georgia exemption rules.

Can someone object to my Chapter 7

Georgia Bankruptcy Law Questions

Types of bankruptcy available to me

Will I lose my property if I file?

Alternatives to bankruptcy

Does my spouse have to file?

Will notice be published in the paper?

Have I waited to late to file?

Chapter 7 vs. Chapter 13

Chapter 7 info

Chapter 13 info

Avoiding stress at your court appearance

Getting started

Costs & fees

Why choose Jonathan Ginsberg?

How do I start?

Yes, although it is rare if we plan your Chapter 7 properly. A creditor might object to your Chapter 7 case if you ran up a lot of credit card bills in the six months to a year prior to filing. Or, your bankruptcy can be challenged if you misrepresented your financial affairs in a personal financial statement.

If a creditor does object, we can usually negotiate a partial payment plan for that particular debt. You also have the opportunity to convert your case to a Chapter 13 repayment plan.

Will I have to go to Court for my Chapter 7?

If you file Chapter 7, you will likely need to attend one very brief, informal hearing.  Click to learn exactly what happens at a Chapter 7 meeting of creditors hearing

Will I have to attend credit counseling as part of my Chapter 7?

The bankruptcy law now requires that you attend a credit counseling session prior to filing and a second, budget counseling session, prior to receiving a Chapter 7 discharge. It is expected that most people will fulfill their credit counseling requirements by taking an on-line course. Consumer Credit Counseling Services of Atlanta, which has been approved as a credit counseling provider by the Office of the United States trustee will charge $50 for each of the two mandatory credit counseling training programs.

How long does it take for me to get my credit restored after Chapter 7?

My experience has been that you will recover and start rebuilding your credit more quickly after Chapter 7 more quickly than you will a Chapter 13. This is true because your Chapter 7 case will be over in 3 to 4 months, after which you can start to rebuild your credit. Chapter 13, by contrast, lasts at least three, and as many as five years and you have to wait until your Chapter 13 is over before you can start to rebuild.

After your case is discharged, I will discuss with you one or more strategies whereby you can rebuild your credit after Chapter 7 bankruptcy. Often a part of this strategy is to use the provision of the Fair Credit Reporting Act to challenge inaccurate and outdated credit report information so that derogatory entries will be removed.

Clients who have followed my advice about restoring their credit after Chapter 7 report to me that their credit scores usually take about a year to rebound to 600+ and that it may take 8 months to a year until they would qualify for a reasonable car or mortgage loan rate.

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