Chapter 7 Bankruptcy Georgia
A chapter 7 bankruptcy in Georgia is a liquidation of your assets. In Georgia, the chapter 7 trustee collects all of your assets and sells the assets that are non-exempt to pay off the debtors collectors. In most cases, the debtor has very few, if any assets to sell and the rest of their debt is wiped out, giving them a "fresh start".
Chapter 7 Bankruptcy Georgia Exemptions
In order to have certain possessions qualify for immunity when filing chapter 7 bankruptcy in Georgia, you must claim exemptions when you file. There are several categories in the Georgia exemptions statue, such as real estate (up to $21,500), Vehicles (up to $5000), and household goods.
Filing for Chapter 7 Bankruptcy in Georgia
Before you can file for chapter 7 bankruptcy in Georgia, you must first take the means test to see if you qualify for chapter 7 bankruptcy relief. If the means test determines that you are qualified, you must then take a pre filing credit counseling course before you can file, this is usually done online.
Chapter 7 Bankruptcy Georgia Means Test
The means test determines whether or not a person qualifies for chapter 7 bankruptcy. It takes into account all of your income and expenses along with other factors, like your family size to determine what your disposable income is.
Chapter 7 Bankruptcy Requirements in Georgia
In order to be eligible to file for chapter 7 bankruptcy in Georgia, the debtor must:
- Be and individual, married couple or a small business. Corporations are not eligible to file for chapter 7 bankruptcy protection in the state of Georgia.
- Be able to pass the means test
- You must pass a credit counseling course before filing
- Not had a chapter 7 discharged within the last 8 years or a chapter 13 discharged within the past 6 years
- Had a recent bankruptcy dismissal
Can A Chapter 7 Bankruptcy Attorney Stop Wage Garnishments?
A Georgia bankruptcy attorney can stop wage garnishments immediately. Once a chapter 7 is filed on your behalf, an automatic stay is in effect that stops your creditors to collect debts from you.
How Often Can You File For Chapter 7 Bankruptcy In Georgia?
You must wait 8 years after the filing date of your previous chapter 7 to file again.
Can I Keep My Car if I File For Chapter 7 in Georgia?
There is a $5000.00 exemption for motor vehicles in the state of Georgia if you are filing for chapter 7. This means that if you have under $5000 in equity on your motor vehicle you will be able to keep it.
Do I Need an Attorney to File for Chapter 7 in Georgia?
No you do not. There are resources like Upsolve.org that can help you if you want to file for chapter 7 by yourself. Depending on what city or county you live in, you can also find information at these 3 Georgia Bankruptcy Websites:
With that being said, using a Georgia Bankruptcy Attorney for your chapter 7 has many benefits. An attorney is familiar with the laws and paperwork associated with the process and can help you every step of the way.
