Georgia Chapter 7 Bankruptcy

A Georgia bankruptcy attorney will recommend Chapter 7 bankruptcy to qualifying clients who do not own a lot of property.  Chapter 7 bankruptcy is technically considered to be a “liquidation,” meaning that the debtor is required to surrender their assets to the Trustee who then sells these assets to pay back the creditors.  However, if you don’t have much property to surrender, a Georgia Chapter 7 bankruptcy will stop collection attempts, wipe the slate clean, and give you a fresh start.

Plus, debtors who file for a Georgia Chapter 7 bankruptcy are allowed to keep personal property that is deemed to be “exempt” under Georgia bankruptcy law.  They can also retain their property when the Trustee decides that the sale of the property will not result in significant recovery for the creditor.  So you may be able to hang on to your home, vehicle, or other financed assets when you file Chapter 7 bankruptcy in Georgia, but the payments would have to be current or very nearly so, and the financing would have to be “reaffirmed” by your creditors.

There are income qualifications that one must meet to be eligible to file for Chapter 7 bankruptcy in Georgia.  Since 2005, filers must undergo what is called a “Means Test.”  Because the debt will be totally discharged and not restructured, Chapter 7 bankruptcy is only available to people who don’t “have the means” to repay the debt.  So to qualify for Chapter 7 Georgia bankruptcy, you have to make less than what is considered to be the median income in the state.  The United States Trustee updates this figure on a regular basis, but it is approximately $40,000 annually for a single person and around $60,000 for a family of three.  If you can pass this Means Test, you are probably eligible to file for Chapter 7 bankruptcy in Georgia.

If you decide to file for Chapter 7 bankruptcy after consulting with your GA bankruptcy lawyer, you will have to make just one court appearance, a “meeting of creditors.”  You also have to complete a couple of credit counseling classes, but you can satisfy this requirement online, and the cost is nominal.

One of the nice things about Georgia Chapter 7 bankruptcy is that the process is completed in just a few months, after which time you can begin taking steps to rebuild your credit.  If you do not have significant assets to protect, Chapter 7 bankruptcy is very likely the proper course of action.  And if you are able to keep the payments current, you may indeed be able to keep your vehicle, home, and other financed property that the Trustee considers to be unlikely to sell for the amount that is owed on them.

The attorneys at Law Firm are the bankruptcy specialists you can count on to provide you with a fresh start via a relatively simple and affordable Georgia Chapter 7 bankruptcy filing.  You can call us at (404) 763-3623  or contact us through the website to set up a free consultation.

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