Who Can File Bankruptcy in Rome, GA?

Declaring bankruptcy can be a daunting process, but it can also be a way to gain financial stability and a fresh start. While it's a great option for many, not everyone is eligible to file. That's why it's essential to talk to a bankruptcy lawyer in Rome, GA who understands the laws and regulations surrounding bankruptcy.

At the Law Office of Jeffrey B. Kelly, we have experienced and reliable attorneys who will help you understand your rights, explore your options, and make decisions that are in line with your financial goals. If you're looking for seeking help with your bankruptcy paperwork and proceedings, get in touch with us today.

Who Can File Bankruptcy in Georgia?

To determine if you are qualified to file bankruptcy, you need to meet the eligibility criteria for the bankruptcy chapter you are filing for and ensure your debts fall within your state's debt limits. Since bankruptcy laws vary from state to state, an experienced bankruptcy attorney can help you determine your eligibility for filing in Georgia and provide guidance on the best course of action for your particular situation.

Who is Qualified to File Chapter 7 in Georgia?

Any person, partnership, corporation, or business organization has the option to declare bankruptcy under Chapter 7. This chapter of the bankruptcy code provides a way for individuals and entities to liquidate their assets and have their debts discharged.

In order to be eligible for Chapter 7 bankruptcy, you must first take the bankruptcy means test to determine if your income is low enough to qualify for Chapter 7. Generally, if your income is lower than the median income for your state, you will qualify. However, if your income is higher than the state median, additional calculations will be made to determine your eligibility.

It's important to note that prior discharges from bankruptcy can also impact your eligibility for Chapter 7. For example, there may be a waiting period after receiving a Chapter 7 discharge before you can file for another one. This is done to prevent abuse of the bankruptcy system and ensure that individuals are not repeatedly seeking debt relief through bankruptcy.

Overall, Chapter 7 bankruptcy provides an option for individuals and entities to eliminate their debts and start fresh. However, there are specific requirements and considerations that need to be taken into account before filing for Chapter 7. It's advisable to consult with a bankruptcy attorney or financial advisor to fully understand the implications and eligibility criteria for Chapter 7 bankruptcy.

Who is Qualified to File Chapter 13 in Georgia?

Chapter 13 bankruptcy is a type of bankruptcy that can be filed by both sole proprietorships and individuals, including those who are self-employed. It provides a way for individuals to reorganize their debts and create a repayment plan. 

While bankruptcy means testing is not needed in Chapter 13, filers have to meet the set debt ceilings for that state. As of 2021, an unsecured debt ceiling of $419,275 and a secured debt ceiling of $1,257,850 is applied to individuals looking to file for Ch 13 bankruptcy. These limits are periodically adjusted to account for inflation.

Additionally, Chapter 13 bankruptcy filers are required to have a steady source of income. This is to ensure that the filer can meet all payment obligations and follow the repayment plan approved by the court.

Why should I file bankruptcy in Georgia?

In times of overwhelming debt, bankruptcy can provide a much-needed lifeline for individuals, families, and businesses struggling to stay afloat. Whether it's due to unforeseen circumstances like job loss, illness, or divorce, declaring bankruptcy often becomes a logical step toward regaining financial stability. The burden of mounting medical bills, foreclosure notices, credit card troubles, and more can be alleviated through the process of bankruptcy.

By essentially "voiding" or breaking the contractual obligations between you and your creditors, bankruptcy offers a fresh start by relieving the pressure to repay debts. The moment you submit comprehensive bankruptcy forms to the bankruptcy clerk, the process begins to take effect. These forms will require you to disclose every aspect of your financial situation, providing a clear picture of why you have found yourself in a state of bankruptcy.

Bankruptcy serves as a safety net, allowing individuals and businesses to rise above their financial hardships. It is a legal pathway towards starting anew, providing the opportunity to rebuild credit, regain control over finances, and pave the way for a brighter financial future.

Which types of bankruptcy can I file for?

There are three bankruptcy types you can file for in Georgia. Your specific circumstances will determine if you are qualified to file for bankruptcy in Georgia. Here's a quick overview of the different kinds of bankruptcies:

Chapter 7

Chapter 7 bankruptcy is also known as liquidation bankruptcy. In this type of bankruptcy, bankruptcy filers generally do not have to pay creditors back in full in exchange for giving up certain assets or property. A Chapter 7 bankruptcy typically takes roughly four months to complete.

Chapter 13

In a Chapter 13 bankruptcy, the debtor proposes a three to five-year repayment plan to pay off their debts. Chapter 13 filers retain their property and return some or all of what they owe their creditors.

Chapter 11

For a Chapter 11 filing, The length of the bankruptcy varies. Everyone concerned works to reorganize the filer's finances, and the filer typically makes smaller payments to creditors. Selling property to implement a workable plan may or may not be done by the filer.

Can I file bankruptcy in Rome, GA?

While you can find online resources to determine who can file bankruptcy in GA, it's not easy to actually put that knowledge into practice. Listing out all your debts and figuring out whether they can be discharged in bankruptcy is easier said than done.

If you want to get legal advice on your bankruptcy filing, you can book a consultation here with our bankruptcy lawyer to get a detailed case evaluation and determine which type of bankruptcy is right for you.

Here are just some of the things our Georgia bankruptcy attorneys can help you with:

• We'll determine if bankruptcy is right for you by evaluating your financial situation, including your debts, assets, income, and expenses.
• If bankruptcy is right for you, we'll discuss your bankruptcy options and alternative and figure out which chapter to file for based on your financial situation and goals.
• We'll handle all the paperwork, so you don't have to. This includes filling out bankruptcy forms, listing all your debts and assets, and submitting documents to bankruptcy court.
• We will negotiate with your creditors to arrive at settlements and repayment schedules that work for you.
• If your bankruptcy case requires court appearances or hearings, we will represent you and advocate on your behalf.

Call our Rome GA Bankruptcy Lawyers Now!

If you find yourself struggling with overwhelming financial difficulties, it is crucial to have a clear understanding of who can file for bankruptcy and the invaluable role that bankruptcy lawyers play in the entire process. Bankruptcy can provide individuals and businesses burdened by excessive debt with a legal solution and the opportunity to start anew. However, navigating the intricate web of bankruptcy laws and the associated challenging procedures can be daunting. That is why it is absolutely essential to seek the counsel of a skilled and knowledgeable bankruptcy attorney in Georgia.

Our skilled bankruptcy attorneys at the Law Office of Jeffrey B. Kelly can help you navigate the world of bankruptcy. We also provide legal services for wage garnishment, home foreclosure, vehicle repossession, and personal injury cases.

Ready to file for bankruptcy? Contact the Law Office of Jeffrey B. Kelly today for a fresh financial start.