Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
Georgia Middle District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Key Takeaways. Chapter 7 bankruptcy doesn't require a repayment plan but does require you to liquidate or sell nonexempt assets to pay back creditors.Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Attend a credit counseling session approved by the Georgia bankruptcy trustee. Demonstrate, usually by submitting your W-2 or 1040 income tax return, that you have a reliable income. Present a claim of secured and unsecured debt that are within the legal limits.
Bankruptcy fees are set by the federal laws and court system, so it costs the same to file for bankruptcy in every state, including Georgia. If you file for Chapter 7 bankruptcy, the fee is $338, and to file for Chapter 13 bankruptcy, the fee is $313 ($335 and $310 respectively until December 1, 2020).
The main difference between Chapter 7 and Chapter 13 is that a Chapter 7 will allow the debtor to eliminate all dischargeable unsecured debt, whereas the Chapter 13 would allow for payments to be made on those debts.
A Chapter 13 bankruptcy involves repaying some or all of your debt over a three- to- five-year period, while a Chapter 7 bankruptcy involves wiping out most of your debts without paying them back.In that way, a Chapter 13 may be better for your credit than a Chapter 7.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
For many debtors, Chapter 7 bankruptcy is a better option than Chapter 13 bankruptcy.For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.