Although the term "bankruptcy" may be something that Georgia residents have heard of, not everyone knows exactly what goes into a bankruptcy proceeding. Bankruptcy in any form is a legal process that is only available to those who qualify. This post will look at some of the qualifications that individuals must meet to file for Chapter 7 bankruptcy, and readers are asked to speak with their bankruptcy attorneys for further information and clarification on these and other topics.
Chapter 7 bankruptcy is available to individuals whose income is under a certain threshold. If a debtor earns too much money, then they cannot pursue Chapter 7 bankruptcy. Additionally, if a debtor has the financial capacity to pay off some or all of their debts, then their attempts to use Chapter 7 bankruptcy may be denied.
When a person engages in fraud in an attempt to avoid paying off their debts, they may be denied the opportunity to file for Chapter 7 bankruptcy. Similarly, if a person has used any form of bankruptcy to alleviate their financial burdens in the recent past, then their attempts to use Chapter 7 may be curtailed until sufficient time has gone by.
Debtors who miss filing deadlines, who fail to complete credit counseling, and who do not perform all of their responsibilities may have their bankruptcy filings thrown out or dismissed. This post does not provide legal advice and readers should not rely on it as comprehensive legal information. Particular guidance for individual bankruptcy cases should be sought from bankruptcy attorneys who work in the jurisdictions where readers are located.