Things To Consider When Filing For Bankruptcy In South Georgia
You may be considering filing for bankruptcy in South Georgia if you are in a difficult financial situation. You can take control of your financial situation and get a fresh start with your finances by filing for bankruptcy. You have the option to file for bankruptcy in South Georgia if your debts are too high. You can take control of your financial situation and get a fresh start with your finances by filing for bankruptcy. You have the option to file for bankruptcy in South Georgia if your debts are too high.
You can take control of your financial situation and get a fresh start with your finances by filing for bankruptcy. You have the option to file for bankruptcy in South Georgia if your debts are too high.
When making this decision, there are many factors to consider. These include the potential negative consequences and the different types of debt bankruptcy that can eliminate. It’s essential to do your research before you file for bankruptcy. These are the most important points to consider before you file bankruptcy in South Georgia.
How To Determine Your Eligibility
Filing for bankruptcy in South Georgia will allow you to eliminate most of your debt, with the exception of student loans and tax obligations related to child support. To pay some of your debts, you might have to sell some property under Chapter 7. You will need to pass the means test to prove that you are unable to repay your debts using your current income to qualify for Chapter 7.
Chapter 13 bankruptcy allows you to set up a repayment plan that will allow you to repay your debts over a period of 3 to 5 years. You may negotiate some of your debts, but the majority of your debts won’t be discharged.
The Means Test
To ensure you are able to pay your debts, you must pass the means test under Chapter 7. To pass the means test, you must prove that your monthly income exceeds the median monthly income in your state. This is based on the size of your family. Complex calculations can also be used to determine if your disposable income is sufficient to pay your debt obligations.
Your Chapter 13 bankruptcy obligations require you to show that your income is sufficient to pay for your repayment plan. While your secured debt cannot exceed $1.145m, your unsecured debt cannot exceed $385,000. You must have filed your federal and state income taxes within the last four years to be eligible for Chapter 13 bankruptcy.
Consider Asset Protection
You may be able to manage your primary debts by selling some of your assets, depending on the value you place on your assets. While Chapter 7 bankruptcy may allow you to discharge your debts, many of your assets can be sold to pay off Chapter 13 bankruptcy. However, this chapter allows you to protect assets such as your primary residence, vehicle, and investments. It is important to know the type and value of your assets. It could be wise to consult a professional in order to prevent the possibility that your assets will be sold to pay your debts.
A bankruptcy attorney is a good choice if you’re considering filing for bankruptcy in South Georgia. Our team will help you prepare for bankruptcy filings and provide the necessary information to protect your assets. If you’re considering bankruptcy, contact us today!