The New Bankruptcy Law In Savannah GA

Under old bankruptcy law, those who filed Chapter 7 bankruptcy were allowed to place a value on their personal property based on what they could sell it for at an auction. The new bankruptcy law requires that property now be valued at replacement value. This puts increased value on the property and ensures that more filers will have their property taken and sold by a trustee. Under new bankruptcy law, your state's exemptions will apply only if you have lived in the state for two years. If you have been in the state for less than two years, you will receive the exemptions from the state that you lived in previously. A person’s whose income exceeds that of their state of residence’s median income will probably not qualify, to file under chapter 7 but rather under chapter 13. The credit counseling services check out whether debtors can pay at least 60% or more of their debts so that they don't have to file bankruptcy. Moreover, those opting for bankruptcy will have to go through a Means Test which can determine the type of bankruptcy that he should file. When you qualify through the Means Test, the court appoints a bankruptcy trustee to supervise the payment of your debts either through liquidation or a payment plan.

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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