Total Bankruptcy

Georgia bankruptcy petitions outnumbered every other state during the period January through October 2006.  While bankruptcy filings declined in most other states after the bankruptcy law reform in 2005, the number of Georgia bankruptcy petitions declined very little.

Chapter 13 bankruptcy petitions are more common than Chapter 7 bankruptcy petitions in Georgia.  Since the reform mostly impacted Chapter 7 bankruptcy requirements, it did not impact Georgia bankruptcy petitioners as much as in other states. 

Georgia is also one of only three states in which home foreclosures move extremely fast.  Filing a Georgia bankruptcy petition is a fast way for a homeowner to temporarily stop the bank from selling their home in a foreclosure proceeding.