Macon, Georgia Chapter 7 Bankruptcy for individuals and business Individuals
A person can file for bankruptcy under Chapter 7 in Macon, Georgia and can have certain debts discharged if they fulfill the necessary requirements. The necessary requirements were established under the BACCP Act and now include both a means test and also the necessity to receive credit counseling.
Before being permitted to file a Chapter 7 bankruptcy a person will need to show that their disposable income falls below a certain limit which may vary slightly from state to state based on the average income of the state.
The person is also required to have undergone credit counseling from an accredited organization at some stage in the 180 days prior to their bankruptcy petition.
In Chapter 7 bankruptcy certain assets can be kept by the person while others will be sold off to pay back some of the debt.
There are also some debts which cannot be discharged under Chapter 7 bankruptcy. These include debts such as child support, property taxes, income taxes incurred in the past three years, student loans and fines.
Business
A business can file for bankruptcy under Chapter 7 in Macon, Georgia when they are deeply in debt and cannot pay off the debt with the present income of the business.
In a Chapter 7 bankruptcy typically there will be a cessation of operations. The trustee will take stock of the assets of the business and sell these off in an attempt to pay off the debts with the proceeds from the sale of the assets. When the business is very large, individual divisions of the business can be sold to pay off the debts. Under a Chapter 7 bankruptcy for a business a debt is not discharged but the business is dissolved.
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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
http://www.macongabankruptcy.com
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