Filing Chapter 13 bankruptcy in Georgia has many clear advantages, even over Chapter 7. It used to be the latter was prominent, but with changing economies and foreclosures common, it's now different.
Filing for bankruptcy is about filing for help. But what are the eligibility levels for filing Chapter 7 and Chapter 13? This guide highlights mainly Georgia, but most of the tips can be used for other states too.
Chapter 7 Eligibility
You can file under this if you are below the following stats. If you live in another state, simply find out your median income, often starting around $40,000-$45,000 annually, and you can see if you're eligible.
Bankruptcy Lawyer Reviews, Filing Bankruptcy, Bankruptcy Attorney Denver CO,
1 Georgia Resident: Yearly Income $40,691
2 Georgia Residents: Yearly Income $55,258
3 Georgia Residents: Annual Income $61,104
4 Georgia Residents: Annual income $68,502
Can You File Chapter 7?
If you're over these rates, under the bankruptcy laws changed in 2005, you have to file under Chapter 13. This isn't all bad.
Advantages of Chapter 13
For Georgia residents who are over the limits mentioned in the above stats, this form of personal bankruptcy is still an option. The national limits for this are $360,475 in unsecured debts and $1,081,400 in secured debts. You must be below these, as most are, in order to file.
Because just about everyone can file under these laws, you might wonder what's the point. Common reasons for filing Chapter 13 include: falling behind on mortgage payments, credit card debt rising, medical bills, or unemployment. In most cases, it's good to have some form of income. Under this form of bankruptcy, you have to pay back debts. In Georgia, unemployment and foreclosures are problems. If you face these, you might file.
The advantage, however, is time. In the debt repayment plan, you get 3-5 years to pay back creditors. This is a long time to catch up on mortgages and other bills. You must be able to pay these or risk losing assets.
Foreclosure
Foreclosure is perhaps the biggest benefit of filing. Why? Chapter 7 will not save your home, but Chapter 13 can. Foreclosures are a problem in Georgia, but less so than most other states. Unemployment however is very high.
By filing, you still have to keep up with payments, but you are given the opportunity to instead of a trustee taking your home and liquidating it to pay back debts. If you live in Georgia and are out of work, it might be best to try and file Chapter 7. If you have an income, Chapter 13 can help.
Chapter 13 Help
If you're considering filing for Chapter 13 and are unsure if you're eligible, if you can afford it, what courts to file at, how much the fees are, and many other questions, an experienced Georgia bankruptcy attorney can help. You want one who specializes in bankruptcy cases, and in the same district as you so they're familiar with the local courts. There are several courts in Georgia handling bankruptcy cases.
Bankruptcy Lawyers In Cleveland Ohio
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Lawyers In Cleveland Ohio
Get Online Application at online Bankruptcy Lawyer.
No comments:
Post a Comment