Chapters Of Bankruptcy

How Many Chapters Of Bankruptcy Are There In Georgia And Which One Do I File?

There are four federal chapters of bankruptcy, all with the same goal of relieving debt for either overwhelmed individuals or businesses. The options that exist for people and companies who seek to file bankruptcy can be complex and difficult to grasp on your own. They should always be explored with the expert help of your Columbus, Georgia bankruptcy attorney.

The chapters of bankruptcy and their specific purposes include:

  • Chapter 7 Bankruptcy: A debt liquidation bankruptcy. In this most commonly known type of bankruptcy, you are expected to give up all your property, with the exception of certain exemptions. You can maximize the amount of property you are able to prove exempt and keep by working carefully with an experienced consumer bankruptcy attorney in Columbus, GA.
  • Chapter 11 Bankruptcy: A commercial bankruptcy, reserved for businesses.
  • Chapter 12 Bankruptcy: A family farmer bankruptcy, reserved for farmers.
  • Chapter 13 Bankruptcy: A debt reorganization bankruptcy. In a Chapter 13 bankruptcy, your Columbus Chapter 7 and Chapter 13 bankruptcy attorney is required to get the court’s approval on a repayment plan for your debts which is sustainable using your current income.

The vast majority of bankruptcies filed by individual and joint consumers are Chapter 7 or Chapter 13 bankruptcies. No matter which of these types of consumer bankruptcies you wish to file, it is imperative to consult a reputable bankruptcy attorney in Columbus, Georgia.