The Ultimate Guide to Atlanta, Georgia Bankruptcy
This website has all the information you need to know about filing for bankruptcy in the State of Georgia. Start by deciding which form of bankruptcy you want to learn about: Chapter 7 or Chapter 13 . Then, use the table of contents to navigate the page.
There’s a lot of details here so please contact our law firm with any questions that come up. We’re here to help you.
Chapter 7 Bankruptcy
If your income and assets are low enough, you can qualify for a chapter 7 bankruptcy and have all of your debts discharged (forgiven) in one fell swoop. You won’t pay a dime, except for certain debts like recent taxes, child support, and student loans which are non-dischargable. Chapter 7 cases are usually completed in 3-4 months. The only downside to a chapter 7 is that if you are behind on your house or car payment, we cannot force the lender to let you keep the house or car. In that case, a chapter 13 may be the better option for you.
Chapter 13 Bankruptcy
There are several situations where a chapter 13 might be a better option for you. If you are in danger of losing your home to foreclosure, or your car to repossession, a chapter 13 bankruptcy can save your home and car. Also, if you have a significant disposable income (income remaining after necessary living expenses are paid), or substantial assets, you may not qualify for a chapter 7. A Chapter 13 bankruptcy is kind of like debt consolidation, but much more powerful. We can eliminate or reduce the interest rate on all your debts and get it all paid off in 5 years with one easy monthly payment. If there is any debt left over unpaid after 5 years, it gets discharged, meaning you never pay it. You will get to keep your house and car, and we can even sometimes reduce the amount you owe on your car through what’s called a “cramdown.”