Will Filing for Bankruptcy in Georgia Wipe Out All of My Debts?

By Bankruptcy Attorney Yolvondra Martin

The answer is, it depends.

Federal laws allow a debtor to file bankruptcy to eliminate their debts or set up a repayment plan to pay back debts, depending on which type of bankruptcy you file. There are some debts that bankruptcy will never eliminate.

If your debt does not include one of the exceptions then you may be able to use bankruptcy to begin a fresh debt-free start. Filing bankruptcy in Georgia will not get rid of alimony or child support and your most recent back taxes. A bankruptcy will also not get rid of student loans, unless you can show that the student loan repayments are creating an “undue hardship.” An undue hardship means that you can’t repay your loans and keep a minimum standard of living, your financial situation is likely to continue, and you have made an effort to pay off the loans.

Bankruptcy will also not discharge purchases of luxury goods over $600 that have been purchased within 90 days of filing, any cash advances of $875 within 70 days of filing, or any other fraudulent debts. 11 U.S. Code § 523 prevents people from abusing the bankruptcy system.

Bankruptcy will also not discharge any fines or penalties from government agencies.

If you choose to file for bankruptcy, you can file either a Chapter 7, which will wipe out all debts excluding those listed and a few other exceptions, or you can file a Chapter 13. A Chapter 13 will set up a repayment plan that will help you pay back your debts over a period of several years.

If you are contemplating bankruptcy, contact Bankruptcy Attorney Yolvondra Martin for your consultation.

The Martin Law Group | 404-248-4898 | ymartin@themartinlawgroup.com

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