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In Georgia, businesses that are facing financial difficulties can achieve financial relief and stability through bankruptcy. Taking the time to understand the different options of bankruptcy that are available to you, as well as the benefits, drawbacks, and resulting implications for your company, is imperative to make informed decisions about your business bankruptcy.

According to statistics from the Social Security Administration, on average, nearly 67 million Americans will receive Social Security benefits every month in 2023. In Georgia and across the United States, qualifying retired workers, people with disabilities, dependents, and survivors receive Social Security benefits to cater to their daily living and medical expenses.

In 2022, there were 3,495 bankruptcy filings in the Southern District of Georgia alone. If you're considering filing for bankruptcy, it’s crucial to understand how your filing may affect others, especially anyone with whom you hold a joint account or joint property.

In May 2023, the State of Georgia started issuing refunds to taxpayers from a budget surplus. Those who filed taxes for the 2021 and 2022 tax years qualify for refunds of $250 for single filers, $500 for joint filers, and $375 for single heads of households.

According to statistics from the 2021 Internal Revenue Service Data Book, more than 8.4 million Americans owed over $133 billion in past-due taxes, penalties, and interest to the IRS in 2021. When overwhelmed with debts or facing financial hardship, bankruptcy is among the promising solutions to achieve financial relief.

When you find yourself in over your head with debt you’re not able to pay, you may consider filing for bankruptcy. While this may seem like a drastic step, for some people, it will be the right choice to get them back on the road to a stable financial future.

No government or private employer can terminate – or change the terms and conditions – of an individual’s employment solely based on bankruptcy. This means that your employer cannot fire you, remove your responsibility, decrease your salary, or demote you just for filing for bankruptcy.

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.