Contact Information
The Schofield Law Firm
1524 Richmond Street
Brunswick, GA 31520
Map and Directions

Mailing Address
P.O. Box 389
Brunswick, GA 31521

Phone: 912-275-7018
Fax: 912-275-7019

E-Mail: contact@schofieldlawfirm.com

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Call now to schedule a consultation (bankruptcy consultations are free). Regular office hours are Monday through Friday from 9 a.m. to 5 p.m. After-hours appointments are available upon request.
Old Glynn County Courthouse | Brunswick, Georgia
Bankruptcy Overview
Overview | Terms | Chapter 7 | Chapter 11 | Chapter 13 | Why Hire an Attorney | What to Expect

Bankruptcy allows individuals or corporations (referred to as debtors) to seek relief from overwhelming or burdensome debts. It is governed by federal law (Title 11 of the United States Code), known as the "Bankruptcy Code." The Bankruptcy Code is designed to give debtors a "fresh start" while ensuring that creditors are paid as much as possible in an orderly manner.

A bankruptcy case is started by filing a bankruptcy petition with the bankruptcy clerk's office. Filing a petition immediately stops creditors from taking any actions to collect money or property from the debtor. This is called the automatic stay. It stops foreclosures, garnishments, harassing phone calls, and prevents repossessions.

Individuals and married couples can typically file for bankruptcy under one of two "chapters." A chapter 7 case is typically referred to as a "liquidation case" because some or all of the debtors' assets will be sold ("liquidated") to pay off creditors. A chapter 13 case, also known as "wage earner's bankruptcy," allows debtors to pay a portion of their debts over a period of time—under either a three or five year "plan." One of the primary benefits of filing a chapter 13 case is that it allows debtors to keep their property (in most cases), such as homes or cars.

Corporations have two options for filing. If the business will no longer be operating, then it can file a chapter 7 case to have its assets liquidated. If the business is to continue operating, it can file a chapter 11 case (also known as a "reorganization") in which the corporation pays its debts under a "chapter 11 plan."

After debtors have completed the requirement of their plan (in a chapter 11 or 13 case) or after all of their assets have been liquidated (in a chapter 7 case), debtors will receive a discharge, which means they will no longer be liable for most debts.

If you are considering filing for bankruptcy or are looking for advice on how to manage your financial situation, contact The Schofield Law Firm at 912-275-7018 for a free consultation. Paul Schofield will be glad to discuss your individual financial situation and the options available to you.