Liberty County GA Chapter 7 and 11 lawyers

Liberty County GA Chapter 7 and 11 lawyers

Chapter 7 and 11 Bankruptcy in Savannah GA

When you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the US Bankruptcy Code, a separate estate is established consisting of assets that belonged to you prior to the date of filing. This bankruptcy estate is a new taxable entity, absolutely separate from you as an individual taxpayer.

If a married couple file a joint bankruptcy petition and their estates are jointly administered, their estates should be considered separate entities for tax purposes. Two separate tax returns should be filed if they separately meet the filing criteria.

The estate, in the chapter 7 proceeding, is represented by a trustee. The trustee is appointed by the bankruptcy court to administer the estate and liquidate the nonexempt assets. In chapter 11, a debtor remains in control of the assets as a debtor-in-possession. But, sometimes the bankruptcy court will appoint a trustee in a chapter 11 case. In such proceedings, the debtor-in-possession should hand over to the trustee control of the debtors assets and operations.

---------------------
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