| Why file bankruptcy? Filing Chapter 7 or Chapter | | | | Georgia Chapter 13 bankruptcy. This includes all |
| 13 bankruptcy is not giving up; it gives you a | | | | residents of the state. |
| second chance financially. And thousands of | | | | Is bankruptcy right for you? |
| Georgia residents file successfully for bankruptcy | | | | Chapter 7 bankruptcy can clear a lot of debt and |
| every year. | | | | give you a fresh start, mainly by eliminating credit |
| If you plan to file for Chapter 7 bankruptcy in | | | | card debt in a matter of months. Filing Chapter 13 |
| Georgia, it's important to know that the new | | | | bankruptcy is different, as no debts are |
| bankruptcy laws are making it harder to file. Many | | | | canceled--you give yourself more time to pay |
| individuals who make too much money--the | | | | back debts such as on your home, car, and credit |
| median income for Georgia residents--are now | | | | cards. |
| forced to file under Chapter 13. Chapter 13 | | | | Filing Chapter 7 bankruptcy requires a professional |
| bankruptcy really isn't bad, especially if you fear | | | | bankruptcy lawyer to walk you through the steps. |
| home foreclosure (it can actually save your | | | | For one, filing Chapter 7 means you have to fill |
| home). | | | | out a lot of documentation. This includes many |
| Now, for a Georgia resident, if you make under | | | | documents from the six months prior to filing for |
| $40,691, about the median income for single | | | | bankruptcy: |
| residents in the state, you can file under Chapter | | | | -Bank statements, investments, IRA's, 401k's, |
| 7. If you make more than $40,691 as a single | | | | pensions, and other economic statements |
| resident, you will be forced to file under Chapter | | | | -Utility bills such as heating and service bills |
| 13 in Georgia. | | | | -Proof of household income, including pay stubs |
| Here is a quick breakdown of Georgia bankruptcy | | | | -House expenses |
| limits so you can file successfully file with Georgia | | | | After you've figured out what you're eligible for |
| bankruptcy court. | | | | and what to file, the next step is to hire a |
| The following is the median income table applicable | | | | professional bankruptcy attorney who can help |
| for bankruptcy cases filed in Georgia after | | | | you remove or pay back debts by filing. A good |
| November 1, 2009: | | | | bankruptcy attorney saves you money, doesn't |
| Family Size 1: Annual Income $40,691 | | | | cost you money. You can find local lawyers on |
| Family Size 2: Annual Income $55,258 | | | | the State Bar of Georgia website. |
| Family Size 3: Annual Income $61, 104 | | | | After hiring an attorney, you can successfully file |
| Family Size 4: Annual income $68,502 | | | | bankruptcy in Georgia federal courts. These are |
| After this, you add $6,900 to each additional | | | | Georgia Middle District Court, Georgia Northern |
| family member. Bear in mind, this is the Georgia | | | | District Court, and Georgia Southern District Court. |
| median income, not the same as other states. If | | | | They follow the same bankruptcy code used by |
| you make too much based on these figures, | | | | all states, but these courts will factor in the |
| which likely will change, you may be forced to file | | | | median income for Georgia residents. |
