Chapter 7 bankruptcy is filed when a Debtor cannot afford to make a meaningful payback to Creditors. Most unsecured debts are discharged (wiped out). Secured debts, such as cars, houses, and furniture, can continued to be paid directly by the Debtor if he desires to keep the collateral. However, the Debtor’s property is not protected, meaning
Creditor’s can repossess or foreclose on the property if they so desire. Furthermore, if there is significant equity in any Assets, then the Court can potentially sell the Asset and pay creditors with the profit.
The most common reasons for bankruptcy are (a) loss of a job or long-term layoffs; (b) loss of overtime hours; (c) large medical expenses or lengthy illnesses; (d) death or disability of a spouse; (e) separation, divorce and marital problems; (g) large unanticipated expenses.
Yes. Usually about 30 days after you file the bankruptcy, you will have to attend an informal hearing conducted by the Trustee. The hearing will take place in Newnan, Georgia. At this hearing, the Trustee will ask you questions under oath regarding your income, expenses, assets and debts. Your attorney will be there with you and will help you prepare for the hearing. After this hearing you will normally not need to return to court unless specific problems cannot be resolved otherwise.
A Last Will and Testament is a document that allows you to give property at the time of your death to the person you want to have it. A Will also typically names someone to carry out your wishes (an Executor) and also names a Guardian if you have minor children.
All adults need a will, especially if you are married, have children, or have any assets. In addition to distributing your assets to the persons you desire, a will allows you to specify the individual you would like to have custody of your minor children, and also specify your wishes for your final resting place. Having a valid will ensures that your property will be distributed according to your wishes without significant costs.
If you die without a will, then state law will determine the individuals who will receive your property, and the Courts will decide the remaining issues. For example, the court will appoint a guardian for any minor children. Also, the court will appoint an administrator to distribute your property, and allow the administrator to retain a fee for his work.
The state of Georgia allows an adult person to make a written directive known as a Living Will, instructing his physician to withhold or withdraw life sustaining procedures in the event of a terminal condition. The Will takes effect immediately, hence the term “living” will.