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Types of Bankruptcy

You are here: HOME>GEORGIA BANKRUPTCY LAW QUESTIONS>TYPES OF BANKRUPTCY

Over 99% of the bankruptcy cases filed in Georgia by individuals or families are filed as either a Chapter 7 liquidation or as a Chapter 13 bill consolidation.

Non-business individuals can file Chapter 11 reorganization but it rarely makes sense to do so because of the cost and complexity.

In general, Chapter 7 bankruptcy makes sense if you want to “start over.”  Chapter 7 debtors usually do not own very much property (although you often can keep your house and car), and frequently file because of credit card debt.

Under the new bankruptcy law that went into effect on October 17, 2005, you can only file Chapter 7 if your household income is below the average household income for a family of your size in Georgia. There are some limited exceptions to this rule.

In addition, prior to filing bankruptcy, you are now required to complete a credit counseling session with an approved credit counseling service. This credit counseling session can be taken online if you wish.

Georgia Bankruptcy Law Questions

Types of bankruptcy available to me

Will I lose my property if I file?

Alternatives to bankruptcy

Does my spouse have to file?

Will notice be published in the paper?

Have I waited to late to file?

Chapter 7 vs. Chapter 13

Chapter 7 info

Chapter 13 info

Avoiding stress at your court appearance

Getting started

Costs & fees

Why choose Jonathan Ginsberg?

How do I start?

Online questionnaire

By contrast, Chapter 13 is a personal reorganization that makes sense if you are trying to hang on to everything you own, or if you do not qualify for Chapter 7. Specifically, Chapter 13 is frequently used to stop a mortgage foreclosure or vehicle repossession.

Consider Chapter 7 when...

  • high credit card balances with no reasonable expectation to pay these bills in a reasonable time
  • high medical bills you cannot pay
     
  • unexpected lawsuit such as repossession deficiency, credit card or old apartment complex
     
  • loss of job and need to downsize lifestyle
     
  • recent divorce has damaged budget
     
  • you are under a lot of stress
     

Consider Chapter 13 when...
 

  • facing mortgage foreclosure
     
  • facing car repossession
     
  • had income interruption and now need time to catch up
     
  • have too much equity in house or car to qualify for Chapter 7
     
  • want to try to pay back as much as you can
     
  • you need to file for bankruptcy but cannot qualify under Chapter 7
     
  • you are under a lot of stress

    • Depending on the circumstances, Chapter 7 or Chapter 13 can also be used to modify or eliminate IRS and other tax obligations, student loans and judgment debts. Please fill out my Georgia bankruptcy law new client questionnaire, fax it to me at 770-234-5434 and I’d be happy to schedule an appointment to give you my analysis.

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