The Ballard Law Group Is Here To Help
Chapter 7 bankruptcy is one of the most common and efficient ways for a person to eliminate crippling debt. A chapter 7 bankruptcy may completely discharge unsecured debts including credit card debt, medical bills, personal loans, judgments resulting from car accidents and deficiencies on repossessed vehicles or foreclosures. The prospect of filing for bankruptcy can be overwhelming. However, an Atlanta bankruptcy attorney at The Ballard Law Group can help you get through the process and wipe your financial slate clean.
Chapter 7 bankruptcy offers debt forgiveness and immediate relief by preventing creditors from:
- Proceeding with Foreclosure
- Contacting You
- Attempting to Collect Payment
- Filing Lawsuits Regarding Your Debt
- Repossessing Your Car or Other Assets
- Garnishing Your Wages
Not Everyone Qualifies For Chapter 7.
In 2005, Congress amended the federal bankruptcy laws adding something called the “means test.” The means test determines your eligibility to file a chapter 7 by looking at your median income, household size, and expenses. As of July 1, 2013, the median income cap for a single wage earner in Georgia is $41,214. A family of two can earn up to $51,954, and the amount increases based on the number of family members. It’s important to note that for those whose household income exceeds the state median income can still qualify for a chapter 7. It just indicates that your attorney must delve deeper into the means test and the computations, which is significantly more complex.
This barrier to debt relief was put in place by Congress to reserve chapter 7 for those who are truly in need of its powerful debt discharge. As a result, there is now a huge misconception that this 2005 change has made chapter 7 out of reach for most people. However, for many individuals, chapter 7 bankruptcy remains a viable option. Your Atlanta bankruptcy attorney at The Ballard Law Group can help determine if you qualify for chapter 7 and if it is your best option.
At The Ballard Law Group, we know the latest bankruptcy laws for chapter 7. Let our team guide you through the process so that you can avoid unpleasant surprises. Call us today (404) 220-9906 for a free consultation with an experienced Atlanta bankruptcy attorney and find out how we can help you.