If you are considering filing bankruptcy in Atlanta, you need to know that you have to qualify in order to file a Chapter 7 case under the rules set by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 .
Understanding the rules of the bankruptcy process can be complicated and confusing. It is best to speak to an Atlanta bankruptcy attorney if you are considering bankruptcy.
Your household income is used to determine if you qualify for Chapter 7 bankrupcty or if you would have more disposable income available to payoff a portion of your debt.
First compare your income to the median income for your area. Below is the median income for Georgia as determined by the U.S. Census Bureau as of October 2008.
- One person – $39,253
- Two persons – $52,055
- Three persons – $59,668
- Four Persons - $68,908
If your household income is less than the median income, you will automatically qualify for Chapter 7 bankruptcy in Atlanta. If it is higher, there are quantifiers that could still qualify you for Chapter 7 protections. Speak to an Atlanta bankrutpcy lawyer to find out if you qualify for Chapter 7 bankruptcy.
