Georgia's legislative frame is not yet familiar with the concept of personal bankruptcy, but according to the government's program, a law will be passed in the coming years that will allow citizens to go bankrupt.
"The issue of bankruptcy of a natural person being considered. The concept is already established in the developed countries”, the Georgian government's program reads.
However, the USA has 2 types of personal Bankruptcy. Under the U.S. Constitution, you have the ability to relieve all or part of your debts when you can no longer meet your obligations to creditors and lenders. Two major types of personal bankruptcy apply to consumers. Chapter 7 bankruptcy allows debtors to discharge all or part of their debt. In Chapter 13 bankruptcy, debtors repay all or part of their debt based on a payment plan. According to the U.S. Bankruptcy Code, to file Chapter 13, you cannot have more than $1,184,200 in secured debt and $394,725 in unsecured debt. Also, like Chapter 7, you must receive credit counseling from an approved credit counseling agency.
