Friday, September 11, 2015

What Property Can I Keep When I File a Chapter 7 Bankruptcy In Georgia?

Bankruptcies are meant to be used as a legal tool to give you a clean slate and help restart your financial life. Georgia bankruptcy courts don't want to take everything away you. Most property can be exempted during a bankruptcy. However, you are required to complete bankruptcy paperwork and procedures according to the rules of the bankruptcy court.

Most motor vehicles, such as a family car that is used to travel to and from work, can be exempted up to a certain amount. Other items that can be exempted include clothing, furnishings and household goods. The value of these items must be reasonable, so if you have an abundance of items or items the court deems unnecessary for daily living, you will want to speak to your attorney to decide the best course of action.

Household appliances, such as refrigerators and stoves, can be exempted, as can jewelry up to a certain amount. All or a portion of your home's equity may also be exempted.
Other items that might be exempted include pensions, tools of your trade, and damages received for personal injuries.

The bankruptcy attorneys at King and King provide Chapter 7 representation throughout Georgia. We will thoroughly evaluate your financial options with a free consultation and help you obtain a fresh start. Call us at 404-524-6400 or visit our website for more information at