The bankruptcy process is designed to help people keep as much of their property as possible. The basic idea in a chapter 7 bankruptcy is to wipe out your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt.
In determining whether property is exempt, you must keep a few things in mind. The value of property is determined not by the amount you paid for it, but by what it is worth now. Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement. Your bankruptcy attorney can discuss with you in further detail what Georgia law allows for exemptions.
Bankruptcy can help you keep your home. Chapter 13 bankruptcy gives you a three to five year period in which you are allowed to catch up on mortgage payments if you have fallen behind. Chapter 7 bankruptcy may give you the protection of the Court to catch up on payments or to make arrangements with the bank.
Bankruptcy is designed to give you a fresh start.
The lawyers at King and King can help. Call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.