MAJOR BANKRUPTCY TYPES IN GEORGIA

CHAPTER 7

Results in a liquidation of assets and discharge of debts. This is typically used for people or businesses with few assets and limited means.

CHAPTER 11

A business restructuring allowing a business to reorganize to stay in business and pay off debts under a court-approved plan.

CHAPTER 13

Typically for consumers with greater assets, such as a house, that allows debtors to create a repayment plan.