It's not that easy to convert Georgia chapter 13 cases into chapter 7 bankruptcy cases but not impossible. A majority of bankruptcy filers in Georgia are not thoroughly aware of the new bankruptcy laws and regulations that apply to chapter 7 or even chapter 13. As result, they often end up choosing the wrong option to secure debt relief. Typically, if a debtor has a huge amount of disposal income and property assets with lots of equity which he might want to retain, chapter 13 could be a much better alternative. But student loan debts do not qualify for chapter 13. However, when the financial circumstances undergo drastic changes, it is possible to convert a chapter 13 into a chapter 7 bankruptcy. Here is some crucial information pertaining to the same.
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Click here to know more on how to convert a Georgia chapter 13 into chapter 7 bankruptcy!
If you are considering filing for personal bankruptcy in Georgia it could be important for you to follow the below mentioned guidelines to make your bankruptcy filing successful.
- Get help from a Georgia bankruptcy lawyer
The Filing Bankruptcy in Georgia totally discourage chapter 7 bankruptcy filings as well as conversions. On the contrary, it encourages trustees to advocate the debt relief benefits provided by chapter 13. A bankruptcy attorney could be the best person to provide you with proper bankruptcy chapter 13 information. Additionally, a lawyer is always much better placed to communicate with the court appointed Trustee as well as the judge who approved your chapter 13 case and manage a conversion.
- Take supporting documents along with you:
When you are out to meet a bankruptcy lawyer for a free bankruptcy information for converting your chapter 13 into chapter 7, you need to take the below mentioned documents along with you.
- Copies of 2 recent pay stubs
- Copy of last year's tax returns
- Copy of bank statement
- Letter of financial hardship
- Copy of original chapter 13 documents
Furthermore, in case you are unemployed you are needed to take termination letter or certificate of unemployment issued by employer for presenting it to your lawyer.
- Be patient till the investigation gets over
After the initial bankruptcy consultation is over, your case would be again put forward to the bankruptcy court. The court-appointed "Trustee" for your chapter 13 bankruptcy case would then conduct a thorough verification of all the information on your financial situation provided by you prior to granting an approval for converting your case into a chapter 7. Thus, you could qualify for a discharge of all debts which have not been repaid under the typical chapter 13 monthly repayment plans.
To get more useful information on your student loans bankruptcy options, it is recommended to utilize the professional services of reputed online service providers like BankruptcyOnly.
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