Filing for Chapter 13 Bankruptcy — The Requirements
Who can file for relief in Georgia?
There are two separate requirements for Chapter 13 bankruptcy in Georgia. First, you're required to prove that you're eligible for a Chapter 13 reorganization of your debt. Then you are required to complete your repayment program over the course of about three years. Upon successful completion, the bankruptcy court will discharge your remaining debt.
Because there's no requirement that you have an attorney assist you, many potential filers either delay taking action or try to handle their bankruptcy petition on their own. Folks who try to file "pro se" — acting as their own attorney — find out very quickly how complicated bankruptcy laws can be. Yet, because they're already deeply in debt, they think it's better to save a few bucks on the front end. So they download forms from the internet and try to get them in acceptable shape to file with the court. That usually turns out to be a terrible waste of their time, since the court almost never confirms pro se Chapter 13 petitions.
DebtStoppers is committed to delivering relief for our Georgia clients, with a minimum of stress and expense. Our modest fees are truly a worthwhile investment, when you consider that your bankruptcy attorney can be the difference between a petition the court accepts and one the court rejects. DebtStoppers has the experience to get your filing done right.
Are you eligible to file Chapter 13 bankruptcy in Georgia?
There are several steps you must take to prove your eligibility to file for Chapter 13. You must:
- Attend a credit counseling session approved by the Georgia bankruptcy trustee
- Demonstrate, usually by submitting your W-2 or 1040 income tax return, that you have a reliable income
- Present a claim of secured and unsecured debt that are within the legal limits
- Show that you have not filed Chapter 7 bankruptcy in the previous four years, or Chapter 13 bankruptcy in the previous two
DebtStoppers works with you to make sure you pass with flying colors. We can direct you towards swift, effective credit counseling. Most people working a regular job will qualify to file a Georgia Chapter 13 bankruptcy plan. There are also limits to the amount of you can claim in a Chapter 13 filing, however, these limits are so high, they are rarely an issue for a petitioner.
Completion requirements and benefits under Chapter 13 bankruptcy
During the Chapter 13 bankruptcy process, the court works out a repayment plan for you based on your income. Depending on the amount of debt you claim, your plan will run from three to five years. It's important for you to make your monthly payments faithfully, because when you successfully complete the plan, the court discharges any remaining debt. This relief can be substantial. Because filing for Chapter 13 requires a petitioner to prove he or she has a steady income, most Chapter 13 filers have no difficulty fulfilling their plan and they benefit greatly from the discharge after completion.
Contact Atlanta DebtStoppers today to learn more about Chapter 13 eligibility
DebtStoppers is committed to getting clients the bankruptcy relief they need. For a free consultation with an experienced attorney, call our Atlanta office at 404.750.4706 or contact us online.