The idea that you need to be flat broke to seek bankruptcy protection is a misconception. The amount of money you make and the amount of debt you have are not the sole factors that determine whether or not you should file for bankruptcy.
However, although there is not a minimum amount of debt required to file for Chapter 7 bankruptcy, there are certain other requirements. You are more likely to be able to file for bankruptcy if you are unable to pay your debts, or if you are facing lawsuits, wage garnishment, repossession or other threats from creditors.
Some of the requirements for filing for Chapter 7 bankruptcy are as follows:
To learn more about the requirements you must meet to file for Chapter 7 bankruptcy protection, contact the knowledgeable Georgia bankruptcy attorneys at Jeff Field & Associates online or at 404-381-1278 today.
Please fill out the form below and one of our attorneys will contact you.