Savannah GA Chapter 7 Bankruptcy for individuals and business Individuals
An individual can file for bankruptcy under Chapter 7 in Savannah GA and can have certain debts discharged if they meet the necessary criteria. These necessary criteria were formulated under the BACCP Act and now has both a means test and also the necessity to receive credit counseling.
Prior to being permitted to file a Chapter 7 bankruptcy an individual will need to show that their disposable income falls below a certain threshold which may differ slightly from state to state based on the average income of that state.
The individual is also required to have received credit counseling from an accredited organization at some stage in the 180 days before the bankruptcy petition.
In Chapter 7 bankruptcy certain assets can be kept by the person while others will be sold off to pay back some of the creditors.
There are also few debts that cannot be discharged under Chapter 7 bankruptcy. These are debts like child support, property taxes, income taxes incurred in the past three years, student loans and fines.
Business
A business can file for bankruptcy under Chapter 7 in Savannah GA when it is heavily in debt and cannot pay off this debt with the present income of the business.
In a Chapter 7 proceeding typically there will be a cessation of operations. The trustee will take stock of the assets of the business and sell these off in an attempt to pay off its debts using the proceeds from the sale of the assets. When the business is very large, individual divisions of the business may be sold to repay the debts. Under a Chapter 7 bankruptcy for a business a debt is not discharged but the business is dissolved.
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Savannah Georgia bankruptcy lawyer | Bankruptcy attorneys in Savannah GA and Richmond Hill – Filing for Chapter 13 Bankruptcy and Chapter 7 Bankruptcy in Savannah GA
http://www.savannahgabankruptcy.com
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