Bankruptcy Law
Chapter 7 Bankruptcy Attorney in Peachtree City
Proudly Serving Clients in Fayette County, Coweta County
Filing for bankruptcy is never a decision to be made lightly, but it is sometimes the best solution to debt problems. At Thomas F Tierney Law, you can be sure that you will receive excellent legal advice concerning your financial problems and that you will be treated with compassion and respect. With over 20 years of bankruptcy experience, our attorney knows a thing or two because he’s seen a thing or two.
The laws concerning the types of bankruptcy are complicated. We can help you better understand what works best for your situation. Contact us today to begin.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is designed to permit an individual or married couple (or, in certain cases, a business) struggling unsuccessfully to keep ahead of heavy debt to wipe the slate clean. Otherwise known as “liquidation,” “straight bankruptcy,” or “complete bankruptcy,” Chapter 7 is the most frequently filed type of bankruptcy among individuals. Although for individuals and married couples, straight bankruptcy can provide a fresh financial start, businesses are only allowed to file Chapter 7 if they are willing to liquidate their assets and close up shop.
When Chapter 7 bankruptcy is filed by individuals it is called “personal” or “consumer” bankruptcy, whereas when it is filed by a business it is known as “non-consumer” or “business” bankruptcy. Chapter 7 bankruptcy proceedings usually take 3 to 6 months.
When married couples are considering filing for Chapter 7, they can either file individually or jointly. In most cases, it’s advantageous for them to file jointly since doing so will protect more of their property and discharge more of their debts.
Whoever is filing Chapter 7 should be working with a skilled bankruptcy attorney. Because the ins and outs of bankruptcy are complex, it is essential that you receive good legal counsel in deciding which steps are appropriate to take in your particular case. Beyond that, there are eligibility requirements, time limits, and types of filing that require the knowledge of an experienced lawyer.