Georgia Chapter 13 Bankruptcy
If you do not qualify for Chapter 7, you may still qualify for Atlanta Chapter 13 bankruptcy. This is also known as Wage Earner Bankruptcy because you are still earning an income and meet other requirements. Under Atlanta Chapter 13, you establish a plan to repay your debt over a period of three to five years, and you get to keep more of the possessions you worked so hard to acquire. Every day that you work through your plan moves you closer to the fresh start you need for a secure life.
The Chapter 13 Process
Filing Atlanta personal bankruptcy begins by determining which option, Chapter 7 or Chapter 13, is the best choice for your financial circumstances. Berry & Associates is experienced in handling both of these types of bankruptcy. We will help you determine which bankruptcy process is the right choice for you.
When you file Chapter 13 in Atlanta, you establish a repayment plan to pay off your debts over a three to five year period -- unlike a Chapter 7 bankruptcy, where most debts are eliminated without repayment. However, you are able to keep more of your property and assets under an Atlanta Chapter 13 bankruptcy as compared to a Chapter 7 bankruptcy.
Excellent planning is the key
Under Atlanta Chapter 13, you must qualify and have a solid repayment plan. Just a few of the Chapter 13 requirements include:
- Specific limitations govern the amount of secured and unsecured debt that you can have to qualify for Atlanta personal bankruptcy under Chapter 13. These limitations change to adjust to the change in the consumer price index.
- If your monthly income is greater than your state's median income, your repayment plan must be for five years. You are not permitted to have a repayment plan that exceeds the five-year period.
- Under a Chapter 13 bankruptcy, certain priority claims must be paid off first through your repayment plan. For example, past due child support or tax bills must be paid off in full through your repayment plan.
Berry & Associates knows the details of Atlanta’s complex bankruptcy laws. We will determine whether you qualify for an Atlanta Chapter 13 bankruptcy and can help you create a repayment plan that meets all requirements and sets you up for success.
Chapter 13 may be the best option
Chapter 7 may be a quick approach, but when you file Chapter 13 bankruptcy in Atlanta, you can look forward to a brighter future. Chapter 13 is a good option for you if:
- You want to avoid foreclosure on your home
- You do not want your car repossessed
- You have significant equity in your home or other property that you want to keep
- You have regular income for your monthly expenses, but you are unable to keep up with your scheduled payments
- You are looking to protect co-signers
- You have a moral desire to pay off your debts
Build a brighter future
You need an experienced law firm to handle your bankruptcy. Let Berry & Associates work with you to determine which bankruptcy option is best for your financial circumstances. Contact us today.
