If one is facing a mountain of debt and has no way to repay it, there is an option for some relief. A bankruptcy attorney Atlanta GA offers would be the one to approach for some assistance. The lawyer can assist by going through the legal channels to have one declared bankrupt.
It is not a good idea to approach just any lawyer who can litigate on behalf of their clients. The best avenue is to go to a lawyer that specializes in assisting bankrupt individuals. There are certain steps that need to be taken before a petition can be filed in a court of law.
Firstly the lawyer must provide advice to the client and inform them of the details of the process that must be followed. The client will undergo a “means test” with the lawyer where his income and living expenditure will be evaluated to establish which type of petition can be filed. The client must be advised at all junctures about the avenues that are open to him so that the decision making process can be a smooth process.
In terms of income tax, the lawyer will ensure that once the client qualifies for discharge, the IRS will be notified or litigated to abate those past due tax debts. If the client doesn’t qualify for Chapter 7 relief, the lawyer can consider filing for Chapter 13 relief. This kind of relief enables the bankrupt one to repay their debts over a period of five years.
Any assets that are owned by this individual will be taken to repay his secured debt. The “means test” is quite rigorous so that the individual cannot abuse the system if he is capable of repaying his debts. If the person earns an income above a certain level, then a Chapter 7 petition is inapplicable.
A chapter 13 petition is when the court structures a repayment plan over a period of five years which is then facilitated by a chapter 13 trustee. The individual’s assets will not be taken away such as the house or car or other such assets. The lawyer who is helping the client will ensure that the terms of repayment is fair and well controlled while assisting the client to notify his or her creditors.
One can also try to declare oneself bankrupt without the assistance of a specialized lawyer. The forms and petition is completed by a trained individual such as a paralegal that will fill them in on behalf of the client. This however doesn’t mean that the petition will be successful as the client may not qualify for it and there could be a negative ruling in the courts.
The bankruptcy attorney Atlanta GA region offers is the one that will advise the client on all other matters while the process is ongoing. He will provide advice, counseling and assistance with possible litigation that may come his way. That is why it is good to approach such a specialized lawyer so that he can help the individual in every way possible and provide the best service that the individual requires.
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Author: Dorothea GarnerThis author has published 63 articles so far.