Bankruptcy Is A Legal Process In Savannah GA

Bankruptcy is a legal process whereby a creditor files for it in a court of law, expressing his inability to pay his debts. Chapter 13 bankruptcy is usually called the reorganization bankruptcy. A chapter 13 bankruptcy petition is filed by consumers who wish to pay their debts within a period of three to five years. It is a strategy that helps individuals to keep some of their possessions such as their homes and at the same time have a means of financially meeting their usual living expenses. Chapter 13 bankruptcy is for individuals in the United States who would like to undergo a financial reconstruction supervised by a federal bankruptcy court.

This chapter allows income receiving debtors a debtor rehabilitation, provided they fulfill a court-approved plan. Under this chapter, debtors are permitted to repay creditors, in full or in part, in installments over a three- to five-year period, during which time creditors are prohibited from starting or continuing collection efforts. A plan providing for payments over more than three years must be for cause (a reason) and must be approved by the court. In no case may a plan provide for payments over a period longer than five years. Any individual, even if self-employed or operating an unincorporated business is eligible for Chapter 13 relief.

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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