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Questions and Answers About the
New Bankruptcy law - click here

The new bankruptcy laws have now been in effect for over three years and in my practice, I am seeing many of changes in day to day operations.  Here is what you need to know:

First, in a big picture sense, the new law is designed to discourage Chapter 7 and encourage Chapter 13 repayment plans.  The United States Trustee and the Chapter 7 trustees look very closely at the documents filed in Chapter 7 cases and they are aggressively objecting if it appears that you may have “disposable income.”  Gone are the days when a good faith estimate would suffice - you will need supporting documentation for all of the disclosures in your bankruptcy petition.

 

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?

I have found that the income and expense calculations required at case intake take a great deal of time and, in my opinion, require an attorney’s attention and expertise.  In my view, new case intake is a two to three hour process.  If you have met with a law firm that takes less time or delegates this task to a paralegal, you could find yourself with trouble down the road.

I have found that the trustees are requiring a great deal of documentation supporting the statements contained in your petition.  For example, the Statement of Financial Affairs in you bankruptcy petition asks about your income over the past three years.  The law also requires you to submit to the trustee a copy of your last year’s tax returns. 

For example, if the gross income figure on your tax return differs from the figure shown on your Statement of Financial Affairs, you will be asked to explain the difference and you may be asked to supply tax returns from previous years to verify the other disclosures.  The point here is that “good faith estimates” are no longer sufficient.  The information on your petitions must be accurate and supported by documentation.  This new emphasis on detail and accuracy is reflected in my new client intake questionnaire.  In order for me to give you the most accurate advice I need you to fill out this questionnaire completely and thoroughly and fax it to me prior to our meeting.  My fax number is 770-234-5434. 

Realize that this new bankruptcy law was the result of years of lobbying on the part of credit card companies, banks and other lending institutions.  Despite numerous studies to the contrary, the the credit industry was able to convince Congress that abuse of the bankruptcy system was rampant and that tough, new, anti-fraud measures were needed.  Bankruptcy is no longer a quick, easy way to start over.  The protection is still there but expect that you and your lawyer will have to put a great deal of time and effort into the process.

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