Chapter 7 in Georgia
This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Who can file?
Individuals and businesses are eligible to file a Chapter 7 bankruptcy in Georgia.
How will debts be repaid?
All debt is repaid via asset liquidation.
How long will the process last?
Timing varies depending on the individual case. Can be anywhere from four to six months or several years.
Which types of debt are non-eligible?
Student loans, certain tax debts, and domestic support are generally not eligible for discharge in a bankruptcy.
Who are the best candidates for filing a Chapter 7 bankruptcy?
Debtors who should consider a Chapter 7 bankruptcy are those with little property and low income.
Think you're eligible to file for bankruptcy? Contact us here to discuss your case.