If you live in Atlanta, Georgia and you are considering filing for Chapter 7 Bankruptcy it is important to understand if you meet the federal guidelines outlined in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Georgia Bankruptcy laws follow the federal bankruptcy guidelines. The current Georgia Bankruptcy laws will let a person file Chapter 7 Bankruptcy if they have an income below the current household average income for a similar size family in Georgia. Failure to meet the Georgia income limits will force you to meet other types of Bankruptcy criteria or means tests. Failure to meet these means tests may force you into other types of bankruptcy processes, such as Chapter 13 bankruptcy.
To get legal expert advice about the Atlanta Bankruptcy process it may be a good idea to talk to an Atlanta Bankruptcy Attorney. An Atlanta Bankruptcy Attorney will help you to determine if your income is below the median income of other Atlanta residents. In 2008, the median income in Atlanta, Georgia for an individual was $39,253 and for two people it was $52,055.
To immediately qualify for Chapter 7 Bankruptcy your household median income must be below that amount. If your median income is higher, you still may be eligible for Chapter 7 Bankruptcy. If you are considering filing for Chapter 7 Bankruptcy you may want to talk to an Atlanta Bankruptcy Lawyer who will be able to outline any other exemptions and other criterion allowed for filing for Chapter 7 Bankruptcy under the current federal bankruptcy laws.
Bankruptcy is an important financial decision. Georgia unemployment continues to rise and this will forces even more families into bankruptcy. If you are behind in your mortgage payments, you are not alone. In 2008, the Mortgage Bankers Association reported that in the last three months of the year one in eight Georgia homeowners were behind on their mortgage payments. Georgia has also been hit hard by the subprime mortgage crisis. The report also states that in Georgia of the residents who have these types of loans almost 35% are delinquent or in home foreclosure. Due to the home mortgage and lending crisis and unemployment, Georgia Bankruptcy filings are on the rise. In 2008, Georgia bankruptcy filings rose more than 20 percent from 2007.
Fortunately, you do not have to do this alone. If you are facing a financial crisis, are harassed by creditors or if the banks or mortgages companies are threatening home foreclosure, you do have options. Let an expert Atlanta Bankruptcy Attorney help you determine if filing for either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy may be a sound financial decision for your family.
General bankruptcy attorneys may be able to answer your general bankruptcy questions, but to get the best legal advice possible concerning Chapter 7 Bankruptcy, it is important to find an Atlanta Bankruptcy Attorney who specializes in Atlanta Bankruptcy law and understands any changes that have been made in Georgia Bankruptcy.
Bankruptcy is a serious financial decision and can have serious financial consequences for your family. It is not a financial decision that should be made lightly or with out the sound legal advice of an Atlanta Bankruptcy Attorney. Contact an Atlanta Bankruptcy Lawyer today and see if Bankruptcy is right for you or your family.
