Find a Bankruptcy Lawyer in Dunwoody, Georgia
In Dunwoody, Georgia, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.
Accordingly, it might be a good idea to consult with a Dunwoody, Georgia bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Dunwoody could prove invaluable.
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Types of Bankruptcy in Dunwoody, Georgia
There are 3 bankruptcy schemes that are commonly used in Dunwoody: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Dunwoody, Georgia are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
The other popular bankruptcy system in Dunwoody is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor wil find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the orginal terms of their agreement with the debtor. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One main advantage of Chapter 11 bankrutpcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.
How Can a Dunwoody Bankruptcy Lawyer Help?
The need to weigh all the options and consider the costs and benefits of filing for bankruptcy in Dunwoody cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Dunwoody bankruptcy attorney beforehand.
There are 48 Bankruptcy, Banking and Credit cases posted in Dunwoody
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest GA Cities
Life in Dunwoody
Dunwoody, Georgia is a city located in the Atlanta Metropolitan Area. It has a population of about 39,000 people.Dunwoody, Georgia is a highly affluent community, and is ranked as the third-wealthiest city in Georgia. The city was named for Major Charles Dunwody (the extra "o" in the city's name owing to a misspelling on a bank note).
Dunwoody, Georgia has many historic buildings, including a church that has survived mostly unchanged since 1829, which is still in use today. Furthermore, Dunwoody's first public school, which opened in 1911, was in continuous use until the 1980s.
Dunwoody is generally considered a more upscale community, with a per capita income of over $60,000, and a median household income of over $80,000. This is likely due to the fact that Dunwoody, Georgia is largely populated by upper-middle-class professionals, who work in nearby Atlanta.
Given the sophisticated clientele of Dunwoody, Georgia, it should come as no surprise that there are some pretty skilled lawyers in the Dunwoody, Georgia area. If you have a legal problem, it's pretty much certain that a Dunwoody, Georgia lawyer can handle it.
