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According to the U.S. Bankruptcy Courts, in the Southern Districts of Georgia, there were nearly 2,400 people who filed for Chapter 13 bankruptcy in 2021, and this number is set to exceed 2,800 in 2022. More and more people are finding themselves in need of financial assistance, and bankruptcy is sometimes the best choice to address these issues. However, if you do file and then are left asking yourself, “What happens if I can’t fulfill a Chapter 13 repayment plan?” or “What should I do if I know I’ll miss a Chapter 13 payment?”, you may need the help of a bankruptcy attorney.

When people file for Chapter 13 bankruptcy, they are given the opportunity to propose a repayment plan to their creditors. This repayment plan will outline how the debtor plans to pay back all or some of their debt over a period of three to five years.

For individuals who earn a regular income but are facing financial difficulties, filing for Chapter 13 bankruptcy is among the promising solutions to achieve debt relief. In more cases, you will be able to keep most of your assets – including your pension, retirement savings, and benefits – when you file for Chapter 13.

Comprehensive research by the Center for Economic Studies (CES) showed that married individuals account for nearly 62% of all bankruptcy filings in the United States.

According to the most recent statistics from the Federal Reserve Bulletin, about 77% of American households have at least some form of debt.

Did you know that since the onset of the COVID-19 pandemic, there have been nearly two million bankruptcy filings throughout the United States. Bankruptcy can happen to anyone, and if you are considering filing for bankruptcy, know that you are not alone.

Filing for bankruptcy can help you turn a new page in your financial life. However, if you are considering divorce at the same time, it’s important to have answers to important questions like, “Which do I file first?” and “Is it better to file for bankruptcy jointly or separately?”

In 2021, there were 4,096 total filings and closings of bankruptcy cases in the Middle District of Georgia, according to the United States Bankruptcy Court.

If you have saved for retirement but find yourself otherwise unable to keep up with your debt, you are smart to consider what happens to your retirement income if you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy relief.

Bankruptcy offers a way for individuals and businesses overwhelmed by debt to get a fresh start, either by discharging their debt or restructuring it to make it more manageable. Although bankruptcy filings were down due to the pandemic in 2020 and 2021, the number of annual bankruptcy filings in Georgia from 2013 to 2019 ranged from 43,000 to more than 58,000.