Madison County Georgia Chapter 7 Bankruptcy lawyer
Chapter 7 Bankruptcy in Oconee County Georgia
If you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the Federal Bankruptcy Code, an independent estate is created comprising of assets that belonged to you prior to the filing date. This bankruptcy estate is a new taxable entity, completely independent from you as an individual taxpayer.
If a husband and wife file a joint bankruptcy petition and their estates are jointly administered, their estates must be treated as separate entities for tax purposes. Two separate tax returns should be filed when they separately meet the filing requirements.
An estate, under the chapter 7 proceeding, will be represented by a trustee. The trustee is appointed by the bankruptcy court to administer the estate and liquidate your nonexempt assets. Under chapter 11, the debtor remains in control of the assets as a debtor-in-possession. But, at times the bankruptcy court will appoint a trustee in a chapter 11 proceeding. In such cases, the debtor-in-possession must hand over to the trustee control of the debtors assets and operations.
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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
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