Bankruptcy will stay on your credit report for ten years. During that time, you will have a much harder time apply for and getting credit. This is not only based on your ability to get new credit cards but also your ability to purchase a home or a vehicle as well. If you do find these options, they are likely to cost you quite a bit of money by way of higher interest rates.
The primary role of a Chapter 7 trustee in an asset case is to liquidate the debtor’s nonexempt assets in a manner that maximizes the return to the debtor’s unsecured creditors. If the debtor is a business, the bankruptcy court may authorize the trustee to operate the debtor’s business for a limited period of time, if such operation will benefit the creditors of the estate and enhance the liquidation of the estate. In Chapter 13, the debtor must file a plan of repayment with the petition or within 15 days thereafter, unless extended by the court. The plan which must be approved by the court provides for payments of fixed amounts to the trustee on a regular basis, typically biweekly or monthly. The trustee then distributes the funds to creditors according to the terms of the plan, which typically offers creditors less than full payment on their claims.
Our bankruptcy attorneys are based in Columbus, GA (Georgia). If you are located in Columbus, GA (Georgia), Fort Benning GA (Georgia), Chattahoochee County, Harris County, Marion County, Muscogee County, Lagrange, Atlanta, Albany, Newnan, Peachtree City, Carrollton, Muscogee County, Troup County, Phoenix City AL or Opelika AL, contact us. We can help you file for bankruptcy.
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Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benning
http://www.columbus-ga-bankruptcy.com
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