About Chapter 13 Bankruptcy in Georgia

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    22-Jan-2018

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  1. 1. About Chapter 13 Bankruptcy in Georgia Michael Vereen
  2. 2. Introduction Attorney Michael Vereen helps Georgians navigate the bankruptcy system. One type of bankruptcy proceeding he deals with falls under the Chapter 13 designation. Chapter 13 cases usually involve a debtor agreeing to give a portion of his or her future income to a trustee, who in turn distributes assets to creditors with legitimate claims. When calculating how much a debtor will pay, the court relies on a formula that takes into account a persons income, living standard, and overall debt. Once the court determines how much income a debtor requires to live reasonably, the court then calculates a payment the debtor ought to be able to afford.
  3. 3. Chapter 13 Bankruptcy Most people file bankruptcy as a result of exigent circumstances like a layoff or accumulating medical expenses. Oftentimes, Chapter 13 bankruptcy proceedings can alleviate some of the problems associated with extreme debt, including intrusive calls from bill collectors. Filing for bankruptcy also puts an end to the majority of civil judgments. E. Michael Vereen III Attorney at Law (770) 345-9449 vereenlaw.com.