Learn all you can about bankruptcy laws in Georgia before you begin to make a decision about filing for bankruptcy. Understand what the ramifications will be to your life and your business when filing for bankruptcy in Georgia.
No one starts a business thinking it will fail. Things, however, do change, and there may come a time when exercising your bankruptcy options in Georgia becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:
1. Know what you’re going to do with your life and your business once the bankruptcy is complete.
2. Take note on how Georgia bankruptcy law is going to affect life going forward--from starting a new business to how it will affect your credit rating.
3. Examine the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.
Action Steps
The best contacts and resources to help you get it done
Determine the exemptions you have under GA bankruptcy law
Know the exemptions you have available under bankruptcy law in Georgia. For example, Georgia only provides homestead exemptions up to $10,000 and only allows you to keep personal property up to $3,500.
I recommend: Review the chart at
GeorgiaBankruptcy.com showing all of the exemptions that are available under Georgia bankruptcy law.
Bankruptcy Information has a chart with all of the available exemptions in Georgia and links to other Georgia bankruptcy information, such as the needed forms and Georgia bankruptcy courts.
Review the process of bankruptcy in Georgia
Filing for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. With the changes, it is much harder to file for Chapter 7 bankruptcy protection, and the process itself has become more expensive. Take the time to understand what the new process means for you and your business so you can make an informed decision on whether filing for bankruptcy protection is right for you.
I recommend: Learn about the Georgia bankruptcy process with an easy to understand explanation at
Lawyers.com.
The Bankruptcy Site has a wealth of information on the bankruptcy process.
Hire a Georgia bankruptcy attorney to get you through the process
An experienced attorney is a necessity when filing for bankruptcy. There are plenty of high quality Georgia bankruptcy lawyers to choose from. Find one that is a good fit for you and your business.
I recommend: The
Law Office of Scott B. Riddle is one of many Georgia bankruptcy law firms that focus on bankruptcy law.
AttorneyPages has a wealth of information on Georgia bankruptcy attorneys and has a database that is searchable by city or county.
Tips & Tactics
Helpful advice for making the most of this Guide
- Review your assets and debt before filing for bankruptcy with your Georgia bankruptcy lawyers. Property that you can't claim as an exemption may be sold to pay off to your creditors. Claim all property that you are eligible to keep as exempt or the exemptions will not be given.
The official source of Georgia Bankruptcy Law is
the Georgia Bankruptcy Law page at Business.com
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