For individual debtors, Chapter 7 and Chapter 13 are the most common personal bankruptcy filings in Georgia and likely in every other state as well. Both types have certain eligibility requirements, and in some cases, people may not qualify for either.
Chapter 7 eligibility requires petitioners to pass a means test that considers their income in relation to the average household income for their area. Chapter 13 eligibility requires petitioners to have regular income, and their secured and unsecured debts must fall below a certain level. Therefore, an individual with very high income and very high debt may not qualify for either program.
While Chapter 11 bankruptcy is more commonly associated with businesses, it is technically an option for individuals:
- Non-business Chapter 11 filings are fairly rare. Between March 2012 and March 2013, there were only 1,398 in the United States and only 17 in Georgia.
- Chapter 11 is perhaps the most complex type of common bankruptcy and has the potential to take the longest. It should usually be avoided for individuals if other options remain open.
- Chapter 11 requires a great deal of cooperation from creditors, while the court and the trustee usually keep creditors in check in Chapter 7 and Chapter 13.
Chapter 11 for individuals is sometimes a possibility, but it’s only beneficial in a very narrow set of circumstances. Our Georgia bankruptcy attorneys take the time to help clients understand the full range of options available to them so they can choose the one that is best for their particular circumstances.
-
5.0/5.0Starting the process of bankruptcy can seem scary. However, working with Jeff Field & Associates made it very easy. They explained everything so clearly and helped my spouse and I, walk through every step of the process. Definitely recommend!
-
5.0/5.0
I highly recommend them the did a great job with my case and made the steps very easy they worked with me every step of the way on completing all my paperwork highly recommended them
-
5.0/5.0
A few months ago, I had to file for bankruptcy, and this team made the whole process so smooth. They answered every single question I had and walked me through everything step by step. Honestly, all I had to do was sit back and let them handle it; Th...
-
5.0/5.0
An exceptional bankruptcy attorney—professional, compassionate, and highly knowledgeable. They guided me through every step with clarity and confidence, easing my stress. I truly felt supported and well-represented. Highly recommend their services ...
-
5.0/5.0
I was referred to Jeff Field by a co worker my experience with them was effortless after initial contact everything else flowed well. I was able to ask questions, and received answers immediately. Everything was done by email and over the phone very ...
Please fill out the form below and one of our attorneys will contact you.
