If you intend to file for Chapter 7 bankruptcy in Georgia, you should be aware that the new bankruptcy laws make filing more difficult. Numerous individuals who earn more than the median income for Georgia residents must now register for Chapter 13 bankruptcy. Chapter 13 bankruptcy is not terrible, particularly if you fear losing your home to foreclosure (it can save your home).
Now, Georgia residents who earn less than $40,691, the state's median income for single residents, can file for Chapter 7 bankruptcy. In Georgia, if you earn more than $40,691 as a single resident, you are required to file under Chapter 13.
Here is a summary of the Georgia bankruptcy filing limits to help you successfully file with the Georgia bankruptcy court.
The median income table applicable to Georgia bankruptcy filings after November 1, 2009 is as follows:
Annual Income for a Family Size 1: $40,691
Family Size 2: $55,258 Annual Income
Annual Income: $61,104 for a Family of Three
$48,502 annually for a family of four
After this, an additional $6,900 is added for each family member. Keep in mind that this is the Georgia median income, which differs from that of other states. If you earn too much based on these figures, which will likely change, you may be required to file Chapter 13 bankruptcy in Georgia. This encompasses every state resident.
Is bankruptcy the best option?
Chapter 7 bankruptcy can eliminate a substantial amount of debt and provide a fresh start, primarily by eradicating credit card debt within a few months. In Chapter 13 bankruptcy, no debts are discharged, but you are given more time to repay debts such as those on your home, automobile, and credit cards.
The filing of Chapter 7 bankruptcy requires the assistance of an experienced bankruptcy attorney. First, filing Chapter 7 requires a substantial amount of paperwork. This comprises numerous documents from the six months preceding the bankruptcy filing:
-Bank statements, investments, IRAs, 401(k)s, pensions, and other financial documents
-Bills for utilities such as heating and service
-Evidence of domestic income, such as pay stubs
After determining what you are eligible for and what to file, the next step is to employ a professional bankruptcy attorney who can assist you in eliminating or repaying debts through filing. A competent bankruptcy attorney will save you money, not cost you. On the State Bar of Georgia website, you can locate local attorneys.
You can successfully petition for bankruptcy in Georgia federal courts after hiring an attorney. These are the Middle District Court, Northern District Court, and Southern District Court of Georgia. They adhere to the same bankruptcy code used by all states, but these courts will take the median income of Georgia residents into account.""
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