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 Rountree Leitman Klein & Geer, LLC proudly announces that partners William A. Rountree, Hal J. Leitman, David S. Klein, Will B. Geer, and Alexandra M. Dishun have been honored as 2024 Georgia Super Lawyers. This prestigious recognition underscores Rountree Leitman Klein & Geer, LLC's commitment to excellence and leadership in the legal profession.
Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The selection process includes independent research, peer nominations, and peer evaluations. Each year, only the top 5% of attorneys in each state are selected as Super Lawyers, while only the top 2.5% of attorneys are selected as Rising Stars, making this recognition a significant achievement. "We are thrilled to have five of our partners recognized as Georgia Super Lawyers for 2024," said David S. Klein, Partner at Rountree Leitman Klein & Geer, LLC. "This honor reflects our firm's dedication to providing exceptional legal representation and our commitment to serving our clients with integrity and excellence." Founded in 2018, Rountree Leitman Klein & Geer, LLC has established itself as a leading boutique law firm in the Atlanta area, known for its comprehensive legal services and unwavering dedication to client success. With a focus on corporate and individual bankruptcy, commercial litigation, real estate litigation, and debtor-creditor matters, the firm's attorneys combine their expertise, experience, and innovative approaches to deliver outstanding results for their clients. Rountree Leitman Klein & Geer, LLC's team of attorneys includes some of the most respected legal professionals in Georgia, with a track record of success in these areas of law. The firm's commitment to professional excellence and client satisfaction has earned it a reputation for excellence and trust within the legal community and among clients. Filing bankruptcy has significant ramifications, and one that often slips under a parent's radar is the effect bankruptcy will have on the 529 qualified tuition program they have been diligently contributing to for the last several years. As a parent myself, I want to do the best I can to ensure that my daughers receive the absolute best education possible, and with tuition costs outpacing inflation by an astronomical rate, there is no telling how much a four-year degree will cost our family. That's why we, and many other parents, have been contributing a portion of our income to a tax-advantaged college savings plan. Unlike your 401k retirement plan; however, a 529 savings plan is not offered the same protections under the bankruptcy code.
What is a 529 Plan? A "529" college savings plan is aptly named for the tax code section creating it. The benefit of a 529 plan is that deposits grow tax-free and any withdrawals spent on education related expenses such as tuition and books are tax-free as well. There are, of course, heavy penalties for withdrawing funds to pay off creditors or take an Alaskan cruise with the family. 529 Plans in Bankruptcy. 529 college savings plans are offered a certain level of protection under the bankruptcy code; however, unlike your retirement accounts, your kids' 529 accounts are not completely sheltered from your creditors. You see, under the bankruptcy code, all property of the debtor as of the filing of the petition date becomes property of the bankruptcy estate. This is a separate entity controlled by the trustee assigned to your case. The trustee's job is to seize and liquidate all your non-exempt assets for the benefit of your unsecured creditors. Under Georgia law, certain property, such as $10,000 of equity in your house, virtually all your retirement savings in a 401k or IRA, certain dollar amounts in household goods, etc., can be claimed as exempt from liquidation by the trustee. Non-exempt assets are the property left over after you have claimed all your exemptions under either federal or state law, depending on where you are filing bankruptcy. In addition to exempt assets, the trustee cannot liquidate assets that are not property of the estate, which includes certain funds contributed to a 529 savings plan. Here's the run-down of what every parent should know about 529 plans in bankruptcy:
As more food for thought, funds contributed to a 529 savings plan will only be protected if the beneficiary is your child, step-child, grandchild, or step-grandcihld. No saving grace if the funds were contributed for your brother, sister, niece, or nephew. Having your wages garnished by a creditor will give you that sinking-gut feeling generally experienced right before narrowly avoiding a car accident. It is one of the most common reasons people come to see an Atlanta bankruptcy attorney to help them file a Chapter 7 or 13 petition , as once your bankruptcy petition is filed, the automatic stay will stop any continuing garnishment of your wages or bank accounts. You've Been SuedIf your wages are being garnished, you have likely been sued. It is EXTREMELY difficult to get a pre-judgment (before you are sued) garnishment, so if your wages or bank accounts are being garnished and you have no idea why, a potential creditor sued you in state court by filing a complaint in the county in which you live. If you failed to file a legal answer (which typically requires to assistance of an experienced attorney), the creditor will receive what is called a "default judgment". If you actually defended the law suit by filing an answer and showing up to a possible scheduled trial calendar, then the creditor would have received a judgment on the merits. If that happened, you probably wouldn't be asking why my wages are being garnished, as garnishment is one of the most common forms of post-judgment collection used in Atlanta. A judgment is merely a final decision by the judge overseeing your case that one party is either right or wrong. In other words, the judgment is the written order of the judge deciding your case that you owe a certain amount of money to the creditor who sued you. Once the creditor obtains that judgment, it can file a petition to garnish your wages. Once the petition is granted, a judge (possible a different judge than the one who decided your case) will sign an order that will be sent to the garnishee (your employer or bank) to hold a certain percentage of your wages to be sent directly to the creditor. While there are numerous ways to attack a garnishment, bankruptcy is the most powerful. How Do I Stop My Wages From Being Garnished?Filing with a Chapter 7 or Chapter 13 bankruptcy will immediately stop your wages from being garnished. In fact, with the careful use of the Georgia exemption laws, you may even be able to force the creditor who garnished your wages to give some of it back. This is why it is imperative that you should consult with a bankruptcy attorney when faced with a garnishment. A bankruptcy petition preparer will only download the publicly available forms from the court's website and help you fill out the appropriate paperwork. They cannot give you legal advice; they will not attend the 341 meeting with you; and they do not know the intricacies of the bankruptcy code that will save you thousands of dollars and hours of grief. Filing a proof of claim is an important step for creditors in a bankruptcy case. A proof of claim is a written statement filed with the bankruptcy court by a creditor, stating the amount of the creditor's claim against the debtor. The proof of claim must provide sufficient detail and supporting documentation to establish the creditor's right to payment. It must also comply with the requirements set forth in the bankruptcy code, local bankruptcy rules, and any applicable court orders.
The bankruptcy code provides strict deadlines for filing a proof of claim. The deadline for filing a proof of claim is set by the court and can vary depending on the type of bankruptcy case and the jurisdiction in which it is filed. In some cases, such as when a bankruptcy case is converted from one chapter to another, the deadline may be extended. It is important for creditors to file their proof of claim in a timely manner, as failure to do so may result in their claim being disallowed. Additionally, creditors must ensure that their proof of claim accurately reflects the amount of their claim and any supporting documentation. At Rountree Leitman Klein & Geer, LLC, we understand the importance of filing a proof of claim in a timely and accurate manner. Our experienced bankruptcy attorneys are available to assist creditors in navigating the complex bankruptcy process and ensuring that their claims are properly and timely filed. We can assist creditors in preparing and filing their proof of claim, ensuring that it complies with all applicable bankruptcy rules and procedures. We can also provide guidance on how to properly calculate and document a creditor's claim, ensuring that it is not challenged or disallowed by the bankruptcy court. Contact us today to learn more about how we can assist you in the bankruptcy process. |
AuthorRountree Leitman Klein & Geer, LLC's blog is a resource provided to clients, prospective clients, and colleagues that discusses issues related to Personal Bankruptcy, Business Bankruptcy, Collections, and Litigation. Archives
February 2025
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Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 E-mail: [email protected] |
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Rountree Leitman Klein & Geer, LLC is located in Atlanta, Georgia and serves clients in and around Atlanta, Decatur, Scottdale, Clarkston, Avondale Estates, Tucker, Pine Lake, Stone Mountain, Roswell, Alpharetta, Sandy Springs, Johns Creek, Peachtree Corners, Cobb County, Dekalb County, Forsyth County, Gwinnett County, and Fulton County. Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. See our profiles at Lawyers.com, Martindale.com, and SuperLawyers.com. Copyright 2024 - Rountree Leitman Klein & Geer, LLC.