Bankruptcy Augusta GA – Georgia
A so-called “Chapter 20″ bankruptcy is the process filing of a “Chapter 7″ bankruptcy to discharge unsecured debts, followed by a “Chapter 13″ bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit “Chapter 20″ bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankruptcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a “Chapter 20″ bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial “Chapter 7″ petition may cost them their ability to save their home in a subsequent “Chapter 13″ filing. Be warned: some judges and creditors see the move as a scam. Creditors have the right to object and the judge can toss the action. Some judges will allow the second filing, provided there is a legitimate reason.
We are bankruptcy attorneys based in Augusta, GA (Georgia). We serve clients in Augusta, GA (Georgia) and throughout the CSRA, including Columbia County, Richmond County, Lincoln County, McDuffie, Jefferson and Burke Counties, Evans, Appling, Waynesboro, Louisville, Thomson, Lincolnton, Girard Georgia & Aiken, South Carolina & North Augusta SC. Contact us. We can help you file for bankruptcy.
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