The biggest hurdle to overcome when considering bankruptcy is the negative perception associated with filing. Also, an individual must deal with the fear that they are the only person on the planet who is faced with overwhelming debt. Logically you know that other people have been in the same situation. However, you may feel isolated and that fear can hold you back from making a sound decision that will get you out of debt and alleviate the stress. Before you stick your head in the sand and sink further into debt, below are 11 facts about Georgia Bankruptcy to ease your mind and remind you that you are not alone.
Georgia Bankruptcy statistics
Covering a period of one year from March 2012 to March 2013, 1,132,772 people filed bankruptcy in the United States
There were 779,306 Chapter 7 cases filed making it the most readily used form of bankruptcy.
In that same period, the rate of Georgia bankruptcy filings totaled the following: 352,063 people filed Chapter 13.
The Northern District of Georgia including the Atlanta Metro area is one of the regions in the U.S. with the highest number of bankruptcies totaling 42,118.
More than half of the bankruptcies filed in that area were Chapter 7 cases.
The Southern district of Georgia reported 8,569 total bankruptcies from 2012 to 2013.
Out of the total number of filings in Georgia’s Southern district, 1,868 were Chapter 7 cases and 6,697 people filed Chapter 13.
The majority of people who file Chapter 7 bankruptcy have few or no assets.
Chapter 13 bankruptcy is a repayment plan in which you are given three to five years to payback a percentage of your debt.
The monthly payment in a Chapter 13 case is based on what you can afford to pay and is determined by your income and expenses.
Filing bankruptcy initiates an Automatic Stay, a notice to creditors that prevents them from contacting you to collect on the debt. This action can also stop foreclosures, repossessions, and wage garnishment.