Who Is Eligible?

You may need the help of experienced Atlanta bankruptcy lawyers in order to determine if you are eligible for chapter 13 filing. The state laws have defined certain qualifying criteria that you must meet. In general, it is a 2-step process. First, you have to pass a means test – your regular monthly income (after deducting regular expenses) must be higher than the median income of the people residing in Georgia. Second, you must get a certificate from a state-approved credit counselor. The counselor reviews your financial situation thoroughly. If they get convinced that you can regain control of your finances provided the repayment terms are made a little easier, they may recommend “wage earner’s plan”, which is just another term for chapter 13 filing.

Marital Status

Even if you are married, you can file your petition under chapter 13 individually with the help of Atlanta bankruptcy lawyers. If you owe certain debts where your spouse is a co-signer, there will be a special payment class in your restructured repayment plan, as per which you will have to pay all those debts in full.

Debt Limit

The chapter 13 laws in Atlanta have made certain provisions regarding the debt limit as well. For example, you can qualify for this type of filing only if the unsecured debts do not exceed $336,900 and the secured debts do not exceed $1,010,650. It is very important for you to keep in mind that the figures regarding debt limits change over every three years. The current figures are applicable since 2009.

Court Proceedings

Once your petition is filed, you will have to attend a Section 341 hearing. In general terms, it is a meeting with the creditors under the presence of authorities appointed by the court. The first meeting is often scheduled around 30 days after filing. In most cases, it is the lawyers only who talk on behalf of their clients in these meetings.

The court also orders an “automatic stay” after your petition is accepted. This automatic stay protects you from creditors, as it becomes illegal to make collection calls or make any attempt to recover the debt. Having the best Atlanta bankruptcy lawyers on your side may also make things a little easier for you.

Properties Exemptions Under The Wyoming Bankruptcy Laws

As per the Wyoming bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Wyoming bankruptcy district courts.

•The Homestead Exemptions include any real property that you occupy up to ten thousand dollars. As per the Wyoming bankruptcy laws, you can also claim for any house trailer that you occupy but only up to six thousand dollars.
•Wyoming is among those few states, where the Annuity contract proceeds are also included in the Insurance Exemptions. The amount exemptible is 350 dollars per month.
•Other insurance exemptions include group life or disability policy or proceeds, fraternal benefit, society benefits, and disability benefits.
•The Wyoming bankruptcy laws have specifically declared the liquor licenses and malt beverage permits, as exemptible under the miscellaneous exemptions. The amount exemptible is not mentioned.
•Personal properties exemptions include bedding, furniture, and household articles and the amount exemptible is two thousand dollars in total.
•You can also claim Clothing and wedding rings needed for exemptions up to one thousand dollars.
•Motor vehicle is also allowed for exemption up to two thousand dollars.
•Pension funds are also allowed for exemption, under the Wyoming bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦Game and fish wardens
◦Firefighters
◦Police officers
◦Criminal investigators
◦Highway officers
•Earnings of National Guard members have also been declared as exemptible wages as per the Wyoming bankruptcy laws.
•Public benefit exemptions include workers’ compensation, unemployment compensation, crime victims’ compensation, and general assistance.
•As per the Wyoming bankruptcy laws, you can claim for any Wild Card exemptions.

Properties Exemptions Under The Wisconsin Bankruptcy Laws

As per the Wisconsin bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Wisconsin bankruptcy district courts.

•Any property that you already occupy or are attempting to occupy will come under Homestead Exemptions. The maximum amount exemptible is forty thousand dollars in total.
•Insurance Exemptions include specific immature life insurance contract, fraternal benefit society benefits, and federal disability insurance. There are experts that can help with discharging debts.
•The Wisconsin bankruptcy laws have also specified that if you are a married woman and a beneficiary for life insurance policy or proceeds, you can claim for exemptions up to five thousand dollars in this regard.
•The deposit accounts have been included in the personal properties exemptions. You can exempt as much as one thousand dollars.
•Public benefit exemptions include workers’ compensation, veterans benefits, unemployment compensation, social service payments, and crime victims’ compensation.
•Other personal properties exemptions include motor vehicles up to 1200 dollars and personal injury recoveries up to twenty-five thousand dollars.
•Pension funds are also allowed for exemption, under the Wisconsin bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦Private or public retirement benefits
◦Military pensions are also considered under pension exemptions as per the Wisconsin bankruptcy laws.
◦The Firefighters and police officers that are appointed in a city, where the population is more than 100,000.
•As per the Wisconsin bankruptcy laws, no Wild Card exemptions are allowed.

Properties Exemptions Under The West Virginia Bankruptcy Laws

As per the West Virginia bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the West Virginia bankruptcy district courts.

•Homestead Exemptions include all types of real properties. Besides that, you are also allowed to exempt any personal property that you have used as residence. The maximum amount exemptible in this regard is twenty-five thousand dollars in total value.
•Insurance Exemptions include immature life insurance contract, health or disability benefits, group life insurance policy or proceeds, and fraternal benefit society benefits.
•Personal properties exemptions include books, clothing, furnishing, and home appliances. The maximum combined exemptible amount in this regard is eight thousand dollars, in total.
•The West Virginia bankruptcy laws also allow you to exempt Burial plot up to fifteen thousand dollars, but such exemptions are allowed only in lieu of homestead.
•The upper limit for jewelry exemptions is one thousand dollars.
•Motor vehicle exemptions are allowed up to 2400 dollars.
•Personal injury recoveries have also been included in personal properties exemptions. The maximum amount exemptible in this regard is fifteen thousand dollars.
•Pension funds are also allowed for exemption, under the West Virginia bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Teachers
◦Public employees
◦Individuals with ERISA-qualified benefits needed for support
•Implements, books, and tools of trade are also exemptible up to fifteen dollars in total value.
•As per the West Virginia bankruptcy laws, the Wild Card exemptions include any property up to eight hundred dollars.

Properties Exemptions Under The Washington Bankruptcy Laws

As per the Washington bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Washington bankruptcy district courts.

•You can exempt any real property or mobile home under the Homestead Exemptions. The maximum exemptible amount in this regard is forty thousand dollars.
•You should also keep in mind that if you are attempting the sale of any property that is unimproved or any home that is unoccupied, it would be essential for you to file homestead declaration for the same, before filing court petition for bankruptcy.
•Insurance Exemptions
•The Washington bankruptcy laws have specifically declared books as exemptible under the personal properties exemptions. You can exempt books up to 1500 dollars.
•The maximum combined exemptible amount for clothing, jewelry, and other ornaments is one thousand dollars.
•Pension funds are also allowed for exemption, under the Washington bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Volunteer firefighters
◦State patrol officers
◦Public employees
•The individuals with IRAs and ERISA-qualified benefits are also eligible to claim for pension exemptions.
•Exemptible public benefits include child support funds, old-age assistance, unemployment compensation, and crime victims’ compensation.
•As per the Washington bankruptcy laws, the Wild Card exemptions include any personal property for up to two thousand dollars.

Properties Exemptions Under The Virginia Bankruptcy Laws

As per the Virginia bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Virginia bankruptcy district courts.

•Mobile homes are allowed to be exempted, under the homestead exemptions.
•The maximum amount exemptible for the homestead properties is five thousand dollars. However, you can also claim to exempt a further five hundred dollars per dependant.
•Sale proceeds of homestead properties can also be exempted up to five thousand dollars.
•Under personal properties exemptions, you are allowed to exempt books, clothing, and furnishings up to the amount of 2500 dollars in total value.
•The Vermont bankruptcy laws have declared all types of wedding ring, irrespective of its price as a completely exemptible personal property. However, jewelry is exempted only up to five hundred dollars.
•The Virginia bankruptcy laws have made it mandatory for you to file for homestead declaration, before filing court petition for bankruptcy.
•Insurance exemptions include industrial sick benefits, group life insurance policy or proceeds, fraternal benefit, society benefits, cooperative life insurance benefits, burial society benefits, and accident or sickness benefits.
•Personal properties exemptions include the following:
◦Clothing up to one thousand dollars.
◦Unlike other states, Virginia bankruptcy laws allow you to exempt up to five thousand dollars for family portraits and pictures.
◦Household furnishings are also exemptible up to five thousand dollars.
◦You are also allowed to exempt cars or other motor vehicles up to two thousand dollars.
•Pension funds are also allowed for exemption, under the Virginia bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦State employees
◦Judges
◦City, town and county employees
•The ERISA-qualified benefits are also considered under the pension fund exemptions, but only up to the amount of 17500 dollars on a per year basis.
•Wild Card exemptions are allowed only for disabled veterans (that too, if they are the householders). The maximum amount exemptible in this regard is two thousand dollars.

Properties Exemptions Under The Vermont Bankruptcy Laws

As per the Vermont bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Vermont bankruptcy district courts.

•Real property or mobile homes are considered under Homestead Exemptions of up to the amount of 75000 dollars.
•Vermont is one of those states that include Annuity contract benefits under the Insurance Exemptions. The amount exemptible in this regard is 350 dollars on a per month basis.
•The health benefits can also be exempted, but only up to two hundred dollars a month.
•Under personal properties exemptions, you are allowed to exempt books, clothing, and furnishings up to the amount of 2500 dollars in total value.
•The Vermont bankruptcy laws have declared all types of wedding ring, irrespective of its price as a completely exemptible personal property. However, jewelry is exempted only up to five hundred dollars.
•The upper limit for motor vehicles exemptions is 2500 dollars. Likewise, for bank deposit, the maximum exemptible amount is seven hundred dollars.
•Pension funds are also allowed for exemption, under the Vermont bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Teachers
◦State employees
◦Municipal employees
◦Individuals with self-directed accounts, such as IRAs and Keoghs are also exemptible as per the Vermont bankruptcy laws. The amount exemptible in this case, can be up to ten thousand dollars.
•Books and tools of trade are exemptible up to five thousand dollars.
•The Vermont bankruptcy laws allow you to exempt four hundred dollars of any property under the Wild Card exemptions.

Properties Exemptions Under The Utah Bankruptcy Laws

As per the Utah bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Utah bankruptcy district courts.

•The Homestead exemptions include real property, mobile home, or water rights. You can exempt up to ten thousand dollars of properties in this regard. However, if you are a married couple and have filed bankruptcy jointly, you can be allowed to exempt up to twenty thousand dollars.
•It is also important for you to note that the Utah bankruptcy laws have now made it mandatory for you to file homestead declaration, if you are attempting home sale.
•Life insurance policy cash surrender value is also exemptible under insurance exemptions, but only up to 1500 dollars.
•As per the Utah bankruptcy laws, the child support, and alimony needed for support are also included in the miscellaneous exemptions.
•Personal properties exemptions include the following:
◦You can exempt Furnishings and appliances up to five hundred dollars.
◦Heirloom or other sentimental item is also exemptible as per the Utah bankruptcy laws. The maximum amount exemptible is five hundred dollars.
◦Cars or motor vehicles are also allowed to be exempted up to 2500 dollars in value.
•Pension funds are also allowed for exemption under the Utah bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦People with ERISA-qualified benefits
◦Certain other types of pensions are also exemption
•Tolls of trade exemptions amount up to 3500 dollars.
•No Wild Card exemptions are allowed under the Utah bankruptcy laws.

Some Fast Facts

Following are some fast facts that you must know regarding the United States Bankruptcy Court.

•The duration for which the bankruptcy judge is appointed is usually fourteen years.
•The bankruptcy judge is appointed by the United States court of appeals
•The bankruptcy judge is appointed in the circuit in which the bankruptcy district is located.
•These bankruptcy judges constitute a “unit” of the applicable United States district court in their respective judicial district.
•When a petition is filed for bankruptcy in the United States district courts, most of the times the case is referred to the bankruptcy court.
•However, in some unusual circumstances, the United States district courts also have the right to withdraw the reference and handle the case itself.
•The judgment given by the United States bankruptcy judge is considered as final. However, if you are not satisfied to want to get the decision reviewed, you can re-appeal the case to the district judge or a Bankruptcy Appellate Panel.

The Bankruptcy Court System In The United States

When you file a petition for bankruptcy in the bankruptcy court, first you will have to do some paperwork. It will include submitting all the details regarding the debts you owe, your financial condition, the assets and means that you own, and your inability to pay off the debts. The court has clerks appointed to help with this paperwork. You should note that when you are file for bankruptcy, you are usually not the only person doing that. There will be plenty others as well. Therefore, you may have to wait in the queue the court asks you to show your documents. The court will also ask you certain questions. You may have to visit the United States bankruptcy court, a number of times before the bankruptcy judge could give its final decision. The questions asked would generally include the questions regarding your job, your assets, and the debts you owe. If certain debts you owe are not allowed to be included in the bankruptcy, you will also be informed regarding that.

In most cases, the first thing that the bankruptcy court does after understanding the details regarding your specific case is that they will ask you and your creditors to come to some common terms and get things settled out of the court. If you still could not settle the same, the court will interfere and will decide whether the debtor should be granted or declined bankruptcy. In most cases, where the debtor is genuinely unable to pay off the debts, the United States bankruptcy court grants him or her bankruptcy and the debtor gets relief from debts either completely or partially.

Properties Exemptions Under The Texas Bankruptcy Laws

As per the Texas bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Texas bankruptcy district courts.

•There is no upper limit for the amount exempted under the Homestead Exemptions. However, the restrictions are in terms of area of the property. The homestead properties you are exempting cannot exceed one acre in town and one hundred acres elsewhere. Again, the Texas bankruptcy laws have made it mandatory for you to file homestead declaration.
•Insurance Exemptions include group insurance for Texas employee uniform, group insurance for retired public school employees, fraternal benefit society benefits, and Church benefit plan benefits.
•The maximum amount exemptible under the personal properties exemptions is thirty thousand dollars. However, in case of a family filing for bankruptcy jointly, the maximum amount will get double and you will be able to exempt up to sixty thousand dollars in total.
•Pension funds are also allowed for exemption under the Texas bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Teachers
◦State employees
◦Others may exempt the Retirement benefits to extent tax-deferred
◦Police officers
◦Municipal employees
◦Law enforcement officers’ survivors
◦Keoghs to extent tax-deferred is also considered under pension exemptions as per the Texas bankruptcy laws.
◦Judges
◦Firefighters
◦County & district employees
•Earned but unpaid wages are also considered as exemptible as per the Texas bankruptcy laws.