Filing for bankruptcy is a complicated process. The entire process will take about four months if you don’t have a complex case. Once you file, the court will determine how much of your assets fall under bankruptcy exemptions. Despite the drastic measures bankruptcy requires, it can help some people get out of debt. However, if you have a steady income, you may want to opt for Chapter 13 bankruptcy. In this case, the bankruptcy court will consider your assets and determine what to liquidate.
The Atlanta Bankruptcy Court maintains exclusive jurisdiction over Chapter XII plans, property, and parties. The district court held that the automatic stay provision of section 362 did not preclude enforcement of the plan. As a result, Colony Square could not assert its defenses of negligent and willful mismanagement against Prudential because those claims would be filed in a separate action. The court’s decision on this matter was unanimous.
One of the main issues in bankruptcy cases is whether the attorney will be approved by the judge. An attorney can provide advice to trustees before the bankruptcy judge approves their services. Trustees can use the attorney’s advice to protect their interests, but they must also submit a timely application for employment. If they don’t file the application in time, the trustee will be disqualified from hiring an attorney. This can make things difficult for both parties.
Filing for bankruptcy in Atlanta should be considered only if you are unable to pay off your debts. If you have a high income, you might want to consider Chapter 13 bankruptcy. It allows people to reorganize their debts and pay back their debts in three to five years. Chapter 13 bankruptcy also allows people to keep nonexempt assets. So, even if you can’t make payments to your creditors, you can still keep your car or home.
After filing for bankruptcy, the Department of Revenue will review your accounts to see what debts will be discharged and which will remain collectible. Certain tax debts will be discharged by bankruptcy, but others will not be. In this case, the Department of Revenue will decide whether to resume collection action after the bankruptcy filing. If not, the department will return to collecting these debts. However, if they do, they may file a proof of claim in the Atlanta Bankruptcy Court.