Columbus, Georgia Bankruptcy

Columbus, Georgia Bankruptcy

Bankruptcy process in Columbus, Georgia begins with the filing of a petition with the bankruptcy court. The filing of the petition establishes a bankruptcy estate, which typically consists of all the assets of the person seeking bankruptcy protection. An independent taxable entity is established when the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the US Bankruptcy Code.

The bankruptcy petition is the document which starts the bankruptcy process. The petition may be a voluntary petition, that is filed by the debtor, or it may be an involuntary petition, that is filed by creditors who meet certain criteria. A voluntary petition should be as provided in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms may be purchased at legal stationary stores.

The documentation necessary at the time of filing for bankruptcy in Columbus, Georgia has increased. For example, the debtor should provide additional information that details all income and expenses. In cases where the expenses are more than the IRS allowance, a special circumstances document has to be submitted which reasons the necessity of the extra expense incurred. A statement of accuracy should also be submitted, along with these special circumstance documents.

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