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The federal bankruptcy code details the guidelines for filing bankruptcy. Consumer bankruptcies are typically included under Chapter 7 or Chapter 13, depending on the type and amount of debt you owe. In a Chapter 7 bankruptcy, your liability for certain types of debt is erased. In return, you agree to surrender some or all of your assets to the court.

The court then liquidates these assets and uses the proceeds to repay some of what is owed to your creditors. In addition to federal guidelines, residents of Georgia must also adhere to the local rules established by the Northern and Southern district bankruptcy courts.

Determining Eligibility

Before you can file your Chapter 7 petition, you must determine whether you qualify to do so. In 2005, the federal government established the Bankruptcy Abuse Prevention and Consumer Protection Act, which introduced the means test as the standard for determining Chapter 7 eligibility. Under the means test, your median income for the previous six months must be less than the median income for your family size in your state. Median income levels are established by the U.S. Census Bureau. The U.S. Department of Justice maintains a list of median income levels by state.

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