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.
-
5.0/5.0Great process. Detailed communication provided resources for rebuilding. Would recommend!
-
5.0/5.0
I had an excellent experience working with my bankruptcy attorney. From the very beginning, they were professional, knowledgeable, and compassionate. Filing bankruptcy can be overwhelming, but they took the time to explain every step of the process, ...
-
5.0/5.0
I had a great experience using Jeff Field and Associates for filing my Bankruptcy. Everyone was very professional and helpful. Connie Adams was so knowledgeable and patient with all of my questions I’m so glad that I chose this law firm and would r...
-
5.0/5.0
Great experience from start to finish. The process was smooth and stress-free, and Ms. Connie was amazing throughout—very helpful, professional, and supportive. I truly appreciate all the guidance and would highly recommend this firm.
-
5.0/5.0
I'm just finishing up 5 years of bankruptcy, and I honestly don't know how I would've done it without this Group. Everyone was super professional every time I reached out with questions, and they were always there to answer them. I eve...
Please fill out the form below and one of our attorneys will contact you.
