Best Bankruptcy Lawyer Savannah GA

Best Bankruptcy Lawyer Savannah GA

Chapter 12 bankruptcy is another bankruptcy plan. It is almost identical to Chapter 13 bankruptcy. The main difference is that to be eligible for Chapter 12 bankruptcy, at least 80% of your debts must arise from the operation of a family farm. Chapter 12 has higher debt ceilings to accommodate the large debts that may come with operating a farm, and it offers the debtor more power to eliminate certain types of liens. Only a few hundred people file for Chapter 12 each year, while hundreds of thousands file for Chapter 13. You need a lawyer to file for Chapter 12. One reason why Chapter 12 is reserved for those in farming and other such businesses is because the debt to income ratio is usually too high for these businesses. Because of this, they can't turn to Chapter 11 or Chapter 13. Also, a filer must have more than 50% of their income coming from the business. This means if it is a part time business and the owner has another job as well, 50% of their income must come from the business being filed upon. Even if your spouse does not participate in the business, the name of your spouse must also be included in the Chapter 12 filing.

Our Savannah GA (Georgia) bankruptcy lawyers help clients in Savannah GA (Georgia), Richmond Hill, Coastal Empire, Hinesville, Port Wentworth, Pooler, Garden City, Tybee Island, Bloomingdale, Isle of Hope, Pembroke, Darien, Augusta, Brunswick, Statesboro, Rincon, Springfield, Lyons Vidalia, Claxton, Metter, Swainsboro, Baxley, Jesup, McCrae, Valdosta, Waynesboro, Wrightsville, Chatham County, Bryan County, Glynn County, McIntosh County, Liberty County, Long County, Evans County, Bulloch County, Effingham County and Toombs County, and at Fort Stewart and Hunter Army Airfield file for bankruptcy. Contact us if you are considering filing for bankruptcy.
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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

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