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Bankruptcy and debt law in Georgia provides legal solutions for individuals and businesses facing overwhelming financial challenges. By allowing honest but unfortunate debtors to eliminate or reorganize their debts, bankruptcy law offers a fresh financial start. In Georgia, individuals can generally file for bankruptcy under federal law, primarily under Chapters 7 and 13 of the United States Bankruptcy Code. These laws are designed to ensure fairness both to debtors and creditors, while giving debtors the opportunity to restructure or discharge certain debts. Georgia also has its own rules and exemptions that play a key role in the bankruptcy process within the state.
Navigating bankruptcy and debt issues can be complex and stressful. There are several situations where you might need legal assistance, such as:
Experienced bankruptcy lawyers help ensure filings are done accurately and help you understand which debts may be eliminated, which assets you can keep, and how to protect your interests throughout the process.
While bankruptcy is primarily governed by federal law, Georgia has key local rules and exemption laws that strongly affect the process. Important aspects include:
Most individuals file under Chapter 7 (liquidation) or Chapter 13 (repayment plan). Businesses may file under Chapter 7 or Chapter 11 (reorganization).
No. Most unsecured debts like credit cards and personal loans can be discharged, but some debts such as student loans, recent taxes, child support, and alimony usually cannot be eliminated.
Possibly. Georgia’s homestead and vehicle exemptions may allow you to keep your house or car up to certain equity limits. Chapter 13 may also help you catch up on missed payments.
Filing fees are set by federal law and are typically a few hundred dollars. Attorney fees vary by complexity and chapter filed. Some legal aid options may be available if you cannot afford an attorney.
Bankruptcy generally remains on your credit report for up to ten years for Chapter 7 or seven years for Chapter 13. Though your credit may suffer initially, many find it easier to rebuild credit after eliminating overwhelming debt.
The means test determines eligibility for Chapter 7 bankruptcy by comparing your household income to Georgia’s median income. If your income is below the median, you may qualify for Chapter 7. If not, you may need to file under Chapter 13.
No. Once you file, an automatic stay generally stops most collection efforts, including phone calls, letters, lawsuits, garnishments, foreclosures, and repossessions.
Not necessarily. Georgia exemption laws protect certain assets from liquidation. A bankruptcy attorney can explain which of your assets are exempt.
Yes, you can file “pro se,” but bankruptcy law is complex and mistakes can be costly. Having an attorney is strongly recommended to ensure your interests are protected.
A typical Chapter 7 case may take three to six months from filing to discharge. Chapter 13 cases involve a repayment plan that lasts three to five years.
If you need more information or assistance, consider reaching out to the following resources:
These organizations can provide information, forms, referrals, or even free or low cost legal assistance.
If you are struggling with debt or considering bankruptcy in Georgia, it is important to seek reliable information and legal guidance early. Start by listing your debts, assets, income, and expenses. Consider contacting a qualified bankruptcy attorney to discuss your options and review your specific situation. You may also want to gather recent financial documents and any communications from creditors. If cost is a concern, explore legal aid options or nonprofit organizations that offer consultations and representation. The right support can help you protect your assets, make informed decisions, and get a fresh financial start.
