Columbus, Georgia Chapter 7 attorney

Chapter 7 deals with liquidating the filer’s assets rather than repayment. Earlier debtors could choose whether they wanted Chapter 7 or 13. However now, when their income is high, they do not have a choice and will have to file for Chapter 13. In order to file Chapter 7, the filer should establish that his disposable income is less than a certain low sum of money. Contact with an experienced Columbus, Georgia Chapter 7 attorney to know if you qualify for Chapter 7. Under Chapter 7, assets are sold and the proceeds are used to pay off the filer's debts. Chapter 13 involves repayment. All income goes into paying off debts. When available income is more than that of the median in the State of Georgia, the filer's allowable expenses will be determined by the IRS. This amount must come out of the filer's income during the six-month period prior to the filing. A chapter 11 debtor has a one-time absolute right to convert the chapter 11 case to a proceeding under chapter 7 except if (1) the debtor is not a debtor in possession, (2) the proceeding initially was started as an involuntary proceeding under chapter 11, or (3) the case was converted to a case under chapter 11 but not at the debtor's request. The debtor in a chapter 11 proceeding does not have an absolute right to have the case dismissed upon request. There are important exceptions to the conversion process in a chapter 11 proceeding. Unless the debtor requests the conversion, section 1112(c) of the United States Bankruptcy Code does not permit the court to convert a proceeding involving a farmer or charitable institution to a liquidation proceeding under chapter 7.

---------------------Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benninghttp://www.columbus-ga-bankruptcy.com