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A legal process allowing individuals to eliminate or reorganize personal debts under federal bankruptcy protection, typically through Chapter 7 or Chapter 13.
Debts not backed by collateral, such as credit card bills, medical bills, and personal loans, which can often be discharged in bankruptcy.
Aggressive collection tactics by creditors, including repeated calls, threats, or inappropriate contact, which must stop once bankruptcy is filed.
Property necessary for daily living and work, such as your home, car, and personal belongings, which can often be protected through bankruptcy exemptions.
Legal process where creditors take money directly from your paycheck, which bankruptcy's automatic stay immediately stops.
Known as "liquidation bankruptcy," this process eliminates most unsecured debts while protecting exempt assets, typically completing within 3-6 months.
A qualification requirement for Chapter 7 comparing your income to Georgia's median income to determine eligibility.
Legal protections allowing you to keep certain assets during bankruptcy, such as equity in your home, car, or personal property.
Specific dollar amounts of property you can protect in bankruptcy under Georgia law, including $21,500 homestead exemption ($43,000 for couples).
Structured 3-5 year plans allowing you to pay debts over time while keeping your property and catching up on missed payments.
Legal process where lenders take property due to missed payments, which Chapter 13 can stop while providing time to catch up.
Combining multiple debts into one monthly payment through a Chapter 13 plan, often with more favorable terms.
People who guaranteed your debts, who can be protected from collection through Chapter 13's co-debtor stay.
Seizure of vehicles due to missed payments, which bankruptcy's automatic stay can prevent or reverse if acted upon quickly.
Legal process allowing businesses to reorganize debts while continuing operations, typically through Chapter 11.
Reorganizing business obligations into more manageable payments while maintaining operations.
Process of working with creditors to modify payment terms and conditions through the Chapter 11 process.
Legal strategies to maintain business property and assets while reorganizing debt.
Reorganized business plans demonstrating long-term viability for court approval.
Professional representation protecting your rights throughout the bankruptcy process.
Expedited bankruptcies filed to stop immediate creditor actions like foreclosure or repossession.
Legal actions by creditors seeking judgment for unpaid debts, which bankruptcy's automatic stay stops.
Process of addressing and resolving debts owed to creditors and taxing authorities through bankruptcy.
Corporate tax obligations which may be restructured or paid over time through bankruptcy.
*This glossary provides general definitions. For advice about how these terms apply to your specific situation, please schedule a consultation.