Serving South Georgia Since 1974
Bankruptcy
In the representation of debtors in bankruptcy, we are a debt relief agency. We help people file for bankruptcy under the United States Bankruptcy Code.
The United States Bankruptcy Code contains several Chapters two of which are primarily used by individuals filing for debtor protection. These are referred to as Chapter 7 and Chapter 13.
Chapter 7 is also known as a voluntary liquidation. Under Chapter 7, qualifying debtors can eliminate most unsecured debts. In addition secured debts (those debts which have collateral pledged against them) can also be eliminated by the surrender of the collateral pledged. If the debtor prefers to keep pledged collateral most creditors will permit a reaffirmation of the debt for which the collateral is pledged. If this occurs the debtor continues making payment of his or her reaffirmed debt as if no bankruptcy had been filed. There are inherent dangers in reaffirmations and any debtor considering a reaffirmation should discuss this with his or her attorney very carefully. In some instances, debtors filing for Chapter 7 bankruptcy protection face the possibility of losing some assets. Any person contemplating the filing of a bankruptcy should discuss this with his or her attorney.
The second type of Bankruptcy frequently filed by individuals is called a Chapter 13 or Debt Adjustment.
A Chapter 13 or Debt Adjustment may be used to reorganize a debtor's finances into a single payment which is tendered to an individual appointed by the court and called a Chapter 13 Trustee. In the creation of a Plan of Reorganization under Chapter 13 a debtor is allowed to stop a repossession, terminate a foreclosure, renegotiate the terms of a contract on which collateral has been pledged, and in many cases severely reduce or eliminate the debtor's obligation to repay unsecured debts. In addition a Chapter 13 repayment plan can be used to repay to the extent required by law taxes over a period of time without penalty and interest and in some cases can be used to eliminate tax obligations completely.
George Woodall will take the time necessary to analyze your financial situation and explain both the benefits and risks involved in the filing of either a Chapter 7 or Chapter 13 bankruptcy.
If the filing of a bankruptcy petition will benefit you he will make a recommendation to you as to which type of bankruptcy you should file. If he does not believe the filing of a bankruptcy is in your best interest, he will tell you.
