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Chapter 7 bankruptcy in Georgia offers debt relief, but eligibility depends on 2023 income limits. The means test compares your income to Georgia’s median income to determine Chapter 7 eligibility. Georgia’s 2023 median income thresholds range from $53,105 for a single person to $96,501 for a family of four.
Income thresholds for the Georgia means test vary based on household size. For example, as of 2021, the median income for a single-person household was $52,977, while for a four-person household it was $91,161. These figures are updated periodically, so it’s important to check the most current thresholds.
15 Ιουλ 2024 · Georgia Chapter 7 Bankruptcy Income Limit. Below are the household income levels for Georgia for bankruptcy cases filed on or after April 1, 2024. The figures change every 6 months or so. If your household size is greater than 9, you would add $9,900 for each additional family member. Please note incomes that are excluded from the means test.
Learn about Chapter 7 income limits in Georgia and how Morgan & Morgan Law Firm can help you assess eligibility for bankruptcy relief.
The Chapter 7 means test in Georgia determines eligibility for bankruptcy by comparing your income to the state’s median income for your household size. Calculating current monthly income includes wages, business income, and other sources, but excludes Social Security benefits and certain other payments.
If you want to file a Chapter 7 bankruptcy claim in Georgia, you must meet income requirements as part of the qualification process. To qualify for a Chapter 7 filing, your income must be below a specific amount. Further, you must prove that you meet this requirement with two “means tests.”.
11 Μαΐ 2021 · Chapter 7 Income LImits in Georgia – Statement of Current Monthly Income. To determine whether someone passes the Means Test and qualifies for Chapter 7 bankruptcy, they must first complete form 122A-1, or the Chapter 7 Statement of Your Current Monthly Income.
