Georgia Bankruptcy Exemption Laws

In 2009, many significant changes have been made in Georgia bankruptcy exemption laws. Though federal laws have also made a detailed provision regarding property exemptions under chapter 7, every state is allowed to have its own set of laws in this regard. Georgia has enacted completely different provisions for these cases. If your debts have become so huge that you are unable to repay the same, you may have to use bankruptcy as the last option. ...Read more>>

Florida Chapter 13 Bankruptcy Rules

Florida chapter 13 bankruptcy rules have also witnessed significant changes after the introduction of the new bankruptcy laws in October 2005. Prior to the Bankruptcy Act 2005, debtors were allowed to make a choice whether they want to file their petition under chapter 7 or chapter 13. But, the Congress realized that many consumers (debtors) have actually started to abuse this convenience of choice. The number of bankruptcy fraud kept on increasing. The new act was implemented to prevent such possible abuses and fraud. As per the new laws, now there is a set of eligibility requirements that a debtor must meet in order to qualify for their petition under chapter 13. Following is a brief rundown on those compulsory requirements. ...Read more>>

Florida Chapter 7 Bankruptcy Rules

As per Florida chapter 7 bankruptcy rules, the state residents who are declared as bankrupt can avail certain sets of exemptions for their assets and properties. However, unlike other states, you do not get an option to replace the state-specified exemptions with the federal set of exemptions. But, you can use the federal supplemental exemptions in addition to the list of exemptions allowed under the Florida laws. When you go bankrupt under this chapter, the majority of your debts are written off and most of your assets and properties are liquidated. A bankruptcy trustee is appointed by the court who looks after the entire process. They collect the money received from the sale of assets and then pay the same to creditors a priority basis as specified in the court judgment. There are three districts in Florida – southern, middle, and northern. There are overall nine bankruptcy courts. These courts and the Congress establish the rules for the procedures and filings associated with a bankruptcy case. ...Read more>>

US Bankruptcy Court – A Brief Overview

When a debtor has to file for bankruptcy relief, they must file their petition with a US bankruptcy court only. It is a special court that handles bankruptcy cases only. In every state in the United States of America, there is at least one such court out there. However, if you see them collectively, they are a specialized unit under the federal court system. If you are considering filing a bankruptcy partition, you cannot do that with just any state court because bankruptcy is a legal option available under the federal law only, not under the individual state laws. ...Read more>>

What The Laws Say About Bankruptcy Attorney Fees?

As per the laws applicable in the United States of America, there are certain rules and regulations that must be followed thoroughly when it comes to bankruptcy attorney fees. The laws require that the payment structure and the amount of the fees must be clearly understood between the debtor and the attorney he/she is hiring. The contract between the two must clearly explain the terms and conditions regarding fees. There must not be hidden clause. The debtors are advised to read the fine prints thoroughly before they sign it. The retainer agreement must also include the description of the types of services that the lawyer will perform for the client and how much those services are going to cost to the debtor. Each and every aspect of the fees must be clearly disclosed in the contract. The most important thing is that everything must be in complaisance with the law (Rule 2016 of the Federal Rules of Bankruptcy Procedure) and thoroughly approved by the court. ...Read more>>

Refinancing With GMAC During A Bankruptcy

Those who have financed a vehicle or home through GMAC and then consider filing a bankruptcy petition, they may like to refinance the loan in an effort to achieve a more affordable repayment plan (with lower monthly payments). If you are also considering refinancing with GMAC during a bankruptcy, the laws under the US bankruptcy code require you to follow a set procedure. In general, it is like reaffirming a debt and you will have to follow the reaffirmation process. Following is a brief guide on how to go about it. ...Read more>>

Recovering Unclaimed Funds In A Bankruptcy Case

If there are still some funds available (unclaimed) after the bankruptcy trustee pays off all creditors from the proceeds of the liquidation of your assets and properties, you have the legal right to claim for that fund. However, recovering unclaimed funds in a bankruptcy case is not at all an easy task. The process can be a little complicated depending upon the types of factors involved in your specific case. The rules and laws may also however vary depending upon the state where you have filed the bankruptcy petition. It is also very important to note that it is not just debtor but even a creditor has the right to claim that part of that fund if they think they have not been able to recover the full amount of debt. Besides that, you also need to keep in mind that if no one claims for that fund within five years from the date when the last payment was made to the creditors, the money will go to the U.S. Treasury. ...Read more>>

Requesting A Hardship Discharge From Bankruptcy Court – A How-To Guide

When it comes to requesting a hardship discharge from bankruptcy court, there are several things that you need to take into your careful consideration. There is a set procedure that you need to follow. However, the actual procedure may vary a little depending upon the factors involved in your specific case. When you file a bankruptcy petition under chapter 13, the court usually allows you to make the repayment toward the debts that you owe to different creditors within a period of three to five years. The repayment plan is designed in a way that is something you can afford and something that allows you to discharge all your debts within the court-specified period. However, sometimes, things may go wrong and you may not be able to make your payments in full within that period. In that case, you have an option to request hardship discharge from the court. ...Read more>>

Debts That Bankruptcy Discharge Does Not Cover

Though bankruptcy discharge does cover most of the debts, it does not cover all of them. Even if the court declares you as bankrupt, you may still be liable to pay off some of your debts. The debts that are not covered are technically referred to as non-dischargeable debts. Even if it is a chapter 7 filing, you may still be held responsible to make the repayment of the following non-dischargeable debts. ...Read more>>


Bankruptcy refers to a situation when you are not in a position to make the repayment of your bills due to which the court steps in to discharge your debts either by restructuring of debts or by liquidating your assets and properties. ...Read more>>

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Payday Loan Debts and Debt Consolidation
Debt has been a constant companion for middle class people who earn just to live hand to mouth and devoid of any saving for rainy days. We have been trapped in this modern age by various financial constrains wh... Read more

What are the pros and cons of debt consolidation?