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:
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.
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