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The requirements of a Chapter 13 bankruptcy filing Atlanta, GA

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The requirements of a Chapter 13 bankruptcy filing

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Despite the decrease in negative stigma surrounding bankruptcy, many people still see it as an easy way out, a way to simply erase debt with no consequences. Well, anyone who has considered or filed for bankruptcy knows that to be completely untrue. For most people, the decision to file for bankruptcy comes after a major event, such as the loss of a job, and the resulting inability to make ends meet. In addition, many people seek Chapter 13 bankruptcy in an effort to save their home and avoid foreclosure.

However, potential filers should take note that not everyone who files for bankruptcy protection will qualify for Chapter 13. This is because it involves repaying, to some degree, the filer’s creditors, and therefore the filer must have a regular income that is sufficient to pay on those debts while still allowing the filer enough money to live on.

Chapter 13 bankruptcies follow a specific process. After filing, a debtor will propose a repayment plan under which he or she will make payments to creditors over a period of three to five years. If a debtor’s monthly income is below the applicable state median, the plan will be for three years; if it is above the median, the plan will be for five years.

Only individuals may file for Chapter 13 bankruptcy, and not businesses. However, a business owner may file for bankruptcy as an individual, and may include any business debts for which he or she is personally liable. Also, a debtor must show proof that he or she is current on Georgia state and federal income tax filings.

Finally, a filer must not have debt above the ceiling that is set by the federal bankruptcy code. This limit is $336,900 for unsecured debt and $1,010,650 for secured debt.

Source: Bankruptcy Home, “Not Everyone Qualifies to File for Chapter 13,” 2 June 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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