Arming yourself with bankruptcy information can help reduce the stress of your situation. These articles written by the Lawyers at Khoshnood Law Firm can help explain in detail issues such as wage garnishment, taxes, foreclosure and other bankruptcy issues.
In this article, I will explain some of the ways Federal Bankruptcy Law and Georgia Law interact in a bankruptcy case that is filed in this state.
Bankruptcy in Georgia has federal as well as state law aspects to it. The bankruptcy code itself is federal law, but states use parts of their own law in conjunction with federal law. So the overall nature of a bankruptcy proceeding is federal and bankruptcy court is a federal tribunal, but on some issues one has to look to state law. The State of Georgia, for example, has decided to use its own bankruptcy exemptions. The Georgia Bankruptcy exemptions are codified in the Official Code of Georgia Section 44-13-100. Exemptions allow a filer to protect his or her assets. There are limits as to how much someone’s assets can be protected (assuming that a liquidation bankruptcy is filed, in a Chapter 13 assets are protected above and beyond the exemption amounts). For example, Georgia law’s property (has to be the residence) exemption is $10000 for a single person and $20000 for a married couple. This means that if a married person files a Chapter 7 liquidation bankruptcy, then up to $20000 in equity of this person’s residence is exempted from liquidation. For example, let’s say that that John Doe, a married person, is buying his residence and has a $120,000 mortgage, and John’s wife’s name is not on the Deed to the residence. John Doe’s residence is valued at $140,000. John Doe has $20000 of equity in his residence. Georgia law allows for the exemption of the entire $20000 of equity. There are states that have more generous exemptions than others.
One of key considerations in deciding whether bankruptcy is a good option, or what type of bankruptcy is most appropriate, the filer’s assets have to be compared with the applicable exemptions to determine which assets can be protected and which assets can be possibly liquidated. A good bankruptcy attorney will know how to do this quickly. If you live in middle or north Georgia, then contact us for a free analysis.
In Georgia, there are three bankruptcy court districts: Bankruptcy Court for the Northern District of Georgia, Bankruptcy Court for the Middle District of Georgia, and Bankruptcy Court for the Southern District of Georgia. Now, each of these Districts have different divisions. I have included the geographic area covered by each District and its divisions. Just click on the links above to get detailed info.
Typically, a case is filed where the filer resides. Federal rules state that a bankruptcy case can be filed wherever you have resided for the better part of the 180 days prior to the date of filing. For example, if you moved to Atlanta a year ago and established residence here in Atlanta, GA, then you can file a bankruptcy in Georgia, even though the Georgia exemptions may not be applicable to you. In other words, where you can file a case is a different question from what exemption law applies to the case. You have to look to Georgia law to figure out if you can use the Georgia exemptions or if you have to federal exemptions or exemptions of your prior state of residence. This is another example of the interplay of Federal law and Georgia law in a bankruptcy proceeding.
In addition to the application of Federal and Georgia Law, each Bankruptcy Court has its own local rules that can impact how a case is administered. So, in order to be properly represented in a bankruptcy proceeding, your attorney should have a good understanding of local Court rules in addition to bankruptcy law.
Khoshnood Law Firm, PC’s bankruptcy practice has successfully handled thousands of bankruptcy cases and offers a free evaluation of your situation. Give us a call at (678) 507-1590; it will save you tons of research time.
Bankruptcy in Georgia has federal as well as state law aspects to it. The bankruptcy code itself is federal law, but states use parts of their own law in conjunction with federal law. So the overall nature of a bankruptcy proceeding is federal and bankruptcy court is a federal tribunal, but on some issues one has to look to state law. The State of Georgia, for example, has decided to use its own bankruptcy exemptions. The Georgia Bankruptcy exemptions are codified in the Official Code of Georgia Section 44-13-100. Exemptions allow a filer to protect his or her assets. There are limits as to how much someone’s assets can be protected (assuming that a liquidation bankruptcy is filed, in a Chapter 13 assets are protected above and beyond the exemption amounts). For example, Georgia law’s property (has to be the residence) exemption is $10000 for a single person and $20000 for a married couple. This means that if a married person files a Chapter 7 liquidation bankruptcy, then up to $20000 in equity of this person’s residence is exempted from liquidation. For example, let’s say that that John Doe, a married person, is buying his residence and has a $120,000 mortgage, and John’s wife’s name is not on the Deed to the residence. John Doe’s residence is valued at $140,000. John Doe has $20000 of equity in his residence. Georgia law allows for the exemption of the entire $20000 of equity. There are states that have more generous exemptions than others. One of key considerations in deciding whether bankruptcy is a good option, or what type of bankruptcy is most appropriate, the filer’s assets have to be compared with the applicable exemptions to determine which assets can be protected and which assets can be possibly liquidated. A good bankruptcy attorney will know how to do this quickly. If you live in middle or north Georgia, then contact us for a free analysis.
In Georgia, there are three bankruptcy court districts: Bankruptcy Court for the Northern District of Georgia, Bankruptcy Court for the Middle District of Georgia, and Bankruptcy Court for the Southern District of Georgia. Now, each of these Districts have different divisions. I have included the geographic area covered by each District and its divisions. Just click on the links above to get detailed info.
Typically, a case is filed where the filer resides. Federal rules state that a bankruptcy case can be filed wherever you have resided for the better part of the 180 days prior to the date of filing. For example, if you moved to Atlanta a year ago and established residence here in Atlanta, GA, then you can file a bankruptcy in Georgia, even though the Georgia exemptions may not be applicable to you. In other words, where you can file a case is a different question from what exemption law applies to the case. You have to look to Georgia law to figure out if you can use the Georgia exemptions or if you have to federal exemptions or exemptions of your prior state of residence. This is another example of the interplay of Federal law and Georgia law in a bankruptcy proceeding.
In addition to the application of Federal and Georgia Law, each Bankruptcy Court has its own local rules that can impact how a case is administered. So, in order to be properly represented in a bankruptcy proceeding, your attorney should have a good understanding of local Court rules in addition to bankruptcy law.
Khoshnood Law Firm, PC’s bankruptcy practice has successfully handled thousands of bankruptcy cases and offers a free evaluation of your situation. Give us a call at (678) 507-1590; it will save you tons of research time.