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All You Need to Know about Bankruptcy Chapter 7 in Georgia

All You Need to Know about Bankruptcy Chapter 7 in Georgia

Are you feeling like small debts are putting your financial independence in danger? IRS or credit card debts may not involve the largest sums ever, but they still make thousands of people in Georgia file for bankruptcy every year. Fortunately, there’s no need to worry about losing a significant part of your assets, as Atlanta Chapter 7 bankruptcy protects your most valuable possessions from hungry creditors.

Chapter 7 in Georgia Explained

Chapter 7 bankruptcy in Georgia is a great way to get rid of your unsecured debts without losing large assets. Chapter 7 guarantees protection to any citizen of Georgia whose ability to repay the debt was influenced by circumstances beyond their control. Since Chapter 7 deals with smaller sums, it can totally eliminate a person’s debts within several months. This type of credit relief is among the most widespread in Georgia and throughout the US. Chapter 7 is a perfect choice for those who don’t own a property. Under this law, even your zero money down mortgage can’t be foreclosed. It’ll keep all creditors in Georgia away from you. In fact, they won’t be allowed to contact you at all! After filing for Chapter 7, the only way to reach you will be a bankruptcy court of Georgia.

Requirements for Filing Chapter 7 Bankruptcy

Although Chapter 7 may seem like a perfect solution for any citizen of Georgia, it involves an array of conditions.

  • Your income must be lower than the average one in Georgia. Chapter 7 is also a good choice if you have recently been unemployed.
  • Your disposable income must be close to zero after paying out all your debts.
  • You must be at the limit of one or more credit cards with high interest.
  • You mustn’t have any upcoming windfalls. Citizens of Georgia about to receive an inheritance, valuable gift, or any other high payout, should contact their bankruptcy attorneys.

Defining Whether Chapter 7 Would Suit Your Needs

Upon ensuring that your case meets the above conditions, it’s time to check if Chapter 7 is the best choice for you. Remember that it’s not the only way to eliminate problematic bills; always consult with lawyers before making any actions. If you have any medical bills, remember that they can’t be discharged through Chapter 7. Citizens of Georgia also need to sell some assets to file for Chapter 7. These don’t have to be the most valuable items in the house – just nonessential things that would help you pay out the liabilities.

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by Brian Perry // Brian Perry is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.