Atlanta, Georgia Chapter 7 Bankruptcy Law Firm
If you have little or no assets, Atlanta personal bankruptcy laws qualify you to file for Chapter 7 bankruptcy. Atlanta Chapter 7 bankruptcy, which is governed by the bankruptcy laws throughout the state of Georgia, is often the quickest and easiest form of bankruptcy—allowing you to keep many of your possessions and eliminating much of your debt. By filing Chapter 7 bankruptcy in Atlanta, you truly get the fresh start you need to rebuild your life and your future.
The Atlanta Chapter 7 process
Filing for personal bankruptcy begins by determining which option—Chapter 7 or Chapter 13—is the best choice for your financial circumstances. Each Atlanta Chapter 7 bankruptcy lawyer at Berry & Associates is experienced in handling both of these types of bankruptcy. We help you determine which bankruptcy process is the right choice for you.
A Chapter 7 bankruptcy in Atlanta, sometimes called a liquidation plan, was created for people with little or no assets. Under a Chapter 7 bankruptcy:
- Most unsecured debts, such as credit cards and medical bills, can be eliminated completely.
- You are permitted to keep a wide range of exempt property, including (but certainly not limited to) your home, up to $5,000 of household furnishings and goods, and many types of income.
A Chapter 7 bankruptcy in Atlanta is different from a Chapter 13 bankruptcy, under which most debts are repaid within a three- to five-year period.
The means test for Atlanta Chapter 7
To qualify for a Chapter 7 bankruptcy, your bankruptcy attorney guides you through a two-part means test that must be satisfied.
- Under the first part of the test, your monthly income is compared to the median monthly income for a similar-sized family in your state. You qualify to file for Chapter 7 bankruptcy in Atlanta if your income is at or below this median income. If your income is higher than this median income, you must meet the second part of the test to qualify for a Chapter 7 bankruptcy in Atlanta.
- Under the second part of the test, your unsecured debts and disposable income are calculated. If your disposable income is less than $6,000 in total for the next five years, you satisfy the second part of the test and qualify for Chapter 7 bankruptcy in Atlanta. In other words, if you can pay at least $6,000 (or $100 a month) over the next five years toward your debts, you do not qualify for a Chapter 7 bankruptcy.
Each Atlanta Chapter 7 bankruptcy lawyer at Berry & Associates can determine your disposable income and tell you which debts are dischargeable. There are certain types of debt that cannot be eliminated under Atlanta Chapter 7 bankruptcy. For example, taxes, student loans, and child or family support debts are not dischargeable.
Contact Atlanta bankruptcy experts to guide you through the Chapter 7 process
You need an experienced law firm to determine what bankruptcy option is best for you. Berry & Associates can help you figure out whether you should file for a Chapter 7 or Chapter 13 bankruptcy. If a Chapter 7 bankruptcy is chosen, the process moves quickly. You could receive your bankruptcy discharge within a few months.
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For skilled bankruptcy counsel, contact Berry & Associates today.
Call the law offices of Berry & Associates now to schedule your free consultation at one of our 11 Georgia offices. (800) 414-3328.