| Filing Chapter 13 bankruptcy in Georgia has many | | | | falling behind on mortgage payments, credit card |
| clear advantages, even over Chapter 7. It used | | | | debt rising, medical bills, or unemployment. In most |
| to be the latter was prominent, but with changing | | | | cases, it's good to have some form of income. |
| economies and foreclosures common, it's now | | | | Under this form of bankruptcy, you have to pay |
| different. | | | | back debts. In Georgia, unemployment and |
| Filing for bankruptcy is about filing for help. But | | | | foreclosures are problems. If you face these, you |
| what are the eligibility levels for filing Chapter 7 | | | | might file. |
| and Chapter 13? This guide highlights mainly | | | | The advantage, however, is time. In the debt |
| Georgia, but most of the tips can be used for | | | | repayment plan, you get 3-5 years to pay back |
| other states too. | | | | creditors. This is a long time to catch up on |
| Chapter 7 Eligibility | | | | mortgages and other bills. You must be able to |
| You can file under this if you are below the | | | | pay these or risk losing assets. |
| following stats. If you live in another state, simply | | | | Foreclosure |
| find out your median income, often starting | | | | Foreclosure is perhaps the biggest benefit of filing. |
| around $40,000-$45,000 annually, and you can | | | | Why? Chapter 7 will not save your home, but |
| see if you're eligible. | | | | Chapter 13 can. Foreclosures are a problem in |
| 1 Georgia Resident: Yearly Income $40,691 | | | | Georgia, but less so than most other states. |
| 2 Georgia Residents: Yearly Income $55,258 | | | | Unemployment however is very high. |
| 3 Georgia Residents: Annual Income $61,104 | | | | By filing, you still have to keep up with payments, |
| 4 Georgia Residents: Annual income $68,502 | | | | but you are given the opportunity to instead of a |
| Can You File Chapter 7? | | | | trustee taking your home and liquidating it to pay |
| If you're over these rates, under the bankruptcy | | | | back debts. If you live in Georgia and are out of |
| laws changed in 2005, you have to file under | | | | work, it might be best to try and file Chapter 7. |
| Chapter 13. This isn't all bad. | | | | If you have an income, Chapter 13 can help. |
| Advantages of Chapter 13 | | | | Chapter 13 Help |
| For Georgia residents who are over the limits | | | | If you're considering filing for Chapter 13 and are |
| mentioned in the above stats, this form of | | | | unsure if you're eligible, if you can afford it, what |
| personal bankruptcy is still an option. The national | | | | courts to file at, how much the fees are, and |
| limits for this are $360,475 in unsecured debts | | | | many other questions, an experienced Georgia |
| and $1,081,400 in secured debts. You must be | | | | bankruptcy attorney can help. You want one who |
| below these, as most are, in order to file. | | | | specializes in bankruptcy cases, and in the same |
| Because just about everyone can file under these | | | | district as you so they're familiar with the local |
| laws, you might wonder what's the point. | | | | courts. There are several courts in Georgia |
| Common reasons for filing Chapter 13 include: | | | | handling bankruptcy cases. |
