We are a debt relief agency. We help people file for bankruptcy under the United States Bankruptcy Code. We focus on Chapter 13 (debt adjustment) and Chapter 7 (liquidation) bankruptcy cases. Because of the uniqueness of each case, it is always best to set up a free consultation with George Woodall or Jake Honeycutt to discuss the benefits and risks of both Chapters. The Chapter filed depends upon your income and the nature of your debt.
Bankruptcy is not necessary for everyone. If you are having financial problems and reside in Southwest Georgia, George Woodall or Jake Honeycutt will be happy to review your situation to determine whether the filing of a bankruptcy would be helpful to you and your situation.
A Chapter 13 is used to reorganize an individual’s (debtor’s) finances into a single monthly payment paid to the Chapter 13 Trustee. The Trustee then disburses the money to the parties who are due to be paid under the debtor’s Chapter 13 Plan. As mentioned above, each case is unique and the parties who are due to be paid under Chapter 13 law depend on the nature of debt and income of the debtor. In most cases, reorganization includes repayment of secured debt and elimination or reduction of unsecured debt.
A Chapter 7 is used to eliminate most unsecured debts. In addition to this, secured debts (debt with collateral) can also be eliminated by the surrender of the collateral. If a Debtor wishes to keep collateral, Creditors will usually issue a reaffirmation agreement which the Debtor signs stating that they are renewing their obligation to pay the secured debt. There are dangers associated with reaffirmation agreements. Any debtor considering one should seek advice from their attorney.