How Much Does It Cost to File Bankruptcy in Georgia?
People living in Georgia have the option to file bankruptcy if they can't pay all of their bills as agreed. Most people elect to request elimination of eligible, pre-existing debts like credit card and medical bills under Chapter 7 or a partial debt repayment plan in Chapter 13. Family farmers can elect to partially repay debts in Chapter 12, while self-employed Georgia residents or business owners can combine partial repayment of personal and company debts under Chapter 11.
Basic Court Costs
Most people declaring bankruptcy in Georgia must pay court costs upfront, unless court staff approves a fee waiver application or installment payment plan. As of 2011, it cost $299 to file Chapter 7, according to the United States Bankruptcy Court Northern District of Georgia. Starting Chapter 11 repayment plan cost $1,039, the cost for a Chapter 11 plan was $239 and Chapter 13 fees were $274.
The Costs of Legal Assistance
You must hire an attorney to declare Chapter 11 in Georgia.But you can opt to represent yourself in Chapter 7, 12 and 13 cases, though many people choose to hire a lawyer for assistance. The fees for legal representation vary widely according to the attorney selected and the complexity of the case and sometimes can exceed $1,000.
Asset Considerations
Georgia residents risk losing some of their assets when filing Chapter 7 bankruptcy. Court officials cannot seize retirement accounts or basic personal possessions. But in some cases, they will seize excessive assets and sell them to offset creditor losses. Legal residents of Georgia can claim a number of exemptions to preserve at least some of their assets regardless of bankruptcy status. As of 2011, Georgia state asset exemptions protected up to $10,000 of real estate equity for single people and up to $20,000 for married couples, $500 of jewelry, $5,000 of household furnishings and goods and up to $3,500 of motor vehicle equity.
Additional Potential Court Costs
Sometimes people must switch from one type of bankruptcy to another due to a change of financial situation. As of 2011, it cost $755 to convert a Chapter 13 case into Chapter 7 and $25 to switch a Chapter 7 case to Chapter 13, according to the United States Bankruptcy Court for the Northern District of Georgia. Changes to lists of creditors incurred a fee of $26.
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