Brought to you by DebtStoppers:
Starting and running a business is one of the most challenging things a person can attempt in life, and when things don’t go well, it can cause significant financial hardship. Fortunately, there are options available to help you if the money runs out.
Declaring bankruptcy is one of these options, but it comes with challenges of its own. Especially in Georgia, the process can be described as mission impossible for an ordinary person. If you’re self-employed, you can file for chapter 13 bankruptcy. To make the process a bit easier to navigate, following is information about how to file chapter 13 bankruptcy Georgia simply presented in just a few easy steps.
1. Gather Data
The first thing to focus on is gathering all the data that you’ll need. The documents are a lot to manage, so it’s a good idea to create a checklist and check every single piece of paper collected.
The first thing to gather is the data related to your tax returns. The next thing to collect is your record of paychecks for the last two months, including the month you file in. Another document that is necessary is your bank statement for the last half a year. These paychecks and bank statements are a clear and broad representation of your income and expenses.
It’s also good to have an additional statement from your bank institution for the entire last year. A credit report can be useful as well as any creditor bills, such as medical bills and statements for any student loans.
2. Bankruptcy Forms
There are some national bankruptcy forms that are the same across the entire country. However, this is not enough. You should file complete the Georgia bankruptcy forms as they are specifically created according to the laws and legal system in the state.
3. Fees and Taxes
The bankruptcy court has set a filing fee that will be around $350. Depending on your income, you may qualify for a fee waiver. If you can’t pay the tax due to some reason or wage garnishment has already started, you can always apply to pay in installments.
4. Printing
After you have all the data collected, you have to file it on paper. Print your documents to meet the specific requirements, such as using regular-size paper and printing one-sided with black ink only. Then, take enough time to check everything again, and sign in all the required spaces. It’s great to have everything printed twice so you have a back-up in case something happens with the first hardcopy.
5. Contact Your Trustee
After you file, you’ll receive Form 309A from the court. In the form, you’ll find the names and the contacts of your trustee. You have to provide your documents to your trustee.
In the same form there are the details about your 341 meeting. Simply put, this is a meeting with the trustee when they verify your identity.
Bankruptcy is an awful experience to go through. However, with the right preparation everything can go smoothly and calmly.
