Filling Bankruptcy in Georgia Atlanta: Everything You Should Know

Filling Bankruptcy in Georgia Atlanta: Everything You Should Know

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Besides being one of the largest cities in the U.S, Georgia, Atlanta is also unquestionably expensive for the average city dweller. At some point, you may suffer an injury, loss of a loved one, an illness, or a job loss that may take a significant toll on your finances. When you have limited financial options to navigate these hurdles, filing for bankruptcy may help you preserve the little savings or assets you have in hand.

But how do you file for bankruptcy in Georgia, Atlanta?

Benefits of Bankruptcy Filing in Georgia, Atlanta

Your circumstances will determine the type of benefits you’ll derive from the bankruptcy filing. For instance, filing for Chapter 13 bankruptcy will make your debt payments manageable. You get to have your eligible debts erased after completing a 5-year repayment plan with this type of bankruptcy case.

Filing for Chapter 7 bankruptcy will be ideal if you are a low-income individual. A Chapter 7 case may help eliminate most of your debts in less than 90 days without subjecting you to any repayment schedule. Either way, getting out of burdensome debt can offer you some sense of relief.

Estimated Costs for Hiring Bankruptcy Lawyers in Georgia, Atlanta

You may hesitate to file for bankruptcy due to the costs of hiring a competent bankruptcy lawyer. It will cost you $649 to $1,500 to seek legal services for your case. While pursuing the case without a lawyer may help you save money, it may be challenging to defend yourself without in-depth bankruptcy knowledge.

What is the Georgia Bankruptcy Means Test?

Bankruptcy courts in Atlanta will only allow you to file for Chapter 7 bankruptcy if you’re a low-income individual who passed the Georgia bankruptcy Means Test. The test checks whether you meet the income limits for household sizes specified in the Bankruptcy Code. If you fail the test, you may consult your lawyer about alternative bankruptcy options. More information about the Means Test is available on Atlanta’s state laws website.

Bankruptcy Forms

Once you pass the Means Test, you should submit various bankruptcy forms with your lawyer’s help. Most of them are standard, federal documents, while others are unique to the Northern District. Your lawyer will help you understand everything needed in the form. Applicants filing without a lawyer’s help must fill and submit a Pro Se Affidavit to the court.

Are There Any Exemptions in Bankruptcy Filing?

In Georgia, Atlanta, a form legally known as Schedule C outlines the bankruptcy exemptions for applicants. With the help of an attorney, fill out this form to identify the kind of exemptions you would want the court to use to protect your assets. It might be challenging to prevent creditors from seizing your assets if you failed to fill this form. You’ll also find other exemptions in the form that can help protect your property from seizure if you don’t own many valuable assets.

Conclusion

Filing for bankruptcy should be hassle-free if you have a proficient attorney by your side. Are you looking for a bankruptcy lawyer in Georgia, Atlanta, for your bankruptcy case? Reach out to Cornwell Bankruptcy for legal help and services on how to pursue the case.

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