Wednesday, January 8, 2014

What Are Some Common Bankruptcy Exemptions?

King and King bankruptcy attorneys in Atlanta will use Georgia state law to protect your personal property. Listed below are some of the most common types of exemptions that our bankruptcy attorneys will use to help you keep your personal possessions.

Our attorneys want you to consider these exemptions as you're contemplating whether or not to file Chapter 7 or Chapter 13. Our bankruptcy attorneys will provide you with a consultation to explain how each could or could not apply to your particular case. In addition, our bankruptcy attorneys may also be able to use other bankruptcy exemptions that do not appear on this list.

Motor Vehicle Exemption -- Your bankruptcy attorneys will use this exemption to protect motor vehicles listed in your bankruptcy.

Home Exemption -- This exemption can be used to protect the equity in your home and its improvements, your land, and/or your mobile home.

Household Goods Exemption -- This exemption allows your bankruptcy lawyers to protect your interest in your valued household goods, appliances, furniture, and home and yard equipment.

Life Insurance Proceeds Exemption -- This exemption can be used to protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan Exemption -- Your lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan.

Professional Tools of the Trade -- This is a useful exemption that can be used to protect the tools you use in your profession.

Wildcard Exemption -- The "wildcard" exemption permits you to protect your property not covered by any of the other exemptions.

These are just a few of the exemptions that will put you back in the black after your bankruptcy. Call the experienced lawyers of King and King today for a free consultation. 404-524-6400 or visit