Find a Bankruptcy Lawyer in Peachtree City, Georgia

Find the right Bankruptcy attorney in Peachtree City, GA

In Peachtree City, Georgia, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence 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 really 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 Peachtree City, 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 challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Peachtree City could prove invaluable.

Types of Bankruptcy in Peachtree City, Georgia

In Peachtree City, Georgia, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Peachtree City, Georgia will be very similar to those in any other part of the United States. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is done, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other popular bankruptcy system in Peachtree City 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 will 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 original terms of their arrangement with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Peachtree City Bankruptcy Lawyer Help?

The need to examine all the options and consider the costs and benefits of filing for bankruptcy in Peachtree City cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Peachtree City bankruptcy attorney beforehand.

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Life in Peachtree City

Peachtree City plays host to 35,000 Fayette County residents. The population is expected in increase drastically with the formal annexation of an adjacent unincorporated area of Coweta County known as "the West Village." Annexation or not, Peachtree City is one of the best places to live in the United States. The city offers over ninety miles of road dedicated solely to golf cart traffic. Over 25% of Peachtree City residents own a golf cart making it a very popular method of transportation. The city allows unaccompanied 15-year olds to operate the carts alone as long as they have a learner's permit. Peachtree City is known widely as the location of a National Weather Service radar station from which the Weather Forecast Office broadcasts. Most recently, Peach tree city ranked 8th on Money Magazine's 100 best places to live. It's the second time. Peachtree City additionally won the Tree City USA title from the Arbor Day Foundation.

Peachtree City is also a bustling center of commerce with Panasonic Automotive Systems Company of America which is a major supplier of automotive electronics, the long time local company named Cooper Lighting, and Avery Dennison which manufacturers paper products and adhesives. As such a standout city, you shouldn't be surprised to find out there are a number of local Peachtree City lawyers. Lawyers in Peachtree City are acquainted with local Fayette County and Georgia State court procedures.

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