Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as the “fresh start”, as it provides needed and immediate relief to people struggling with debt (including unsecured credit card debt, medical bills, personal loans, lawsuits, wage garnishments, pending foreclosures, vehicle repossessions and outstanding tax debt). In a majority of cases, a Chapter 7 lasts approximately four months from filing to discharge and allows filers to discharge their liability on most unsecured debts, some secured debts (if the secured collateral, such as a home or car, is surrendered), and some tax debts.

While a powerful tool, Chapter 7 also has many potential complications that require an experienced attorney to analyze the situation and determine your eligibility and whether you will face any unintended consequences from filing. In deciding whether to file bankruptcy, it is also important to understand what debts, if any, may be non-dischargeable and would therefore continue after the bankruptcy concludes so that you can fully understand how the filing will impact your long-term financial situation.

Determining Dischargeable Debts

Chapter 7 allows people to eliminate most credit card debt, medical bills, personal loans and even small business debt that has been personally guaranteed. It also allows the discharge of some tax debts, though this requires careful analysis since not all tax debts can be discharged. It does not allow for the discharge of certain tax debts, student loans and domestic support obligations such as child support and alimony. At Hicks Hill, LLC we have the expertise needed to thoroughly analyze your debts to determine what, if any, may be non-dischargeable in bankruptcy and, if needed, discuss possible solutions or alternatives to Chapter 7 to ensure you take advantage of all financial solutions available.

Protecting Your Assets

In a majority of cases, people filing for Chapter 7 bankruptcy protection are able to exempt, or keep, all of their assets, including their home and car as long as they reaffirm the associated debt and continue making timely payments. Georgia law defines the exemptions of property available in most cases, and it is important to thoroughly analyze your assets and the associated exemptions prior to filing to ensure you limit any possible loss of assets. At Hicks Hill, LLC we specifically examine each case with the available exemptions in mind.

Are you eligible?

Katie Hill has the experience and expertise necessary to do a complete and thorough analysis of your situation in order to determine your best solution. She knows the positive impact bankruptcy can ultimately have on an individual or family but also understands the potential consequences of filing and can therefore guide you through all of your options, bankruptcy and otherwise, so that you can make an informed decision regarding your debts.

For the experienced and reliable guidance you need, please contact us today at (770) 428-1000. We offer a free initial consultation to evaluate your circumstances and determine your best path forward. Once we determine if you are eligible to file for Chapter 7 bankruptcy, we will walk you through the entire filing process.

We are here to help you make smart and informed decisions regarding your financial situation!