Can I Keep My
Property if I File Bankruptcy?
In almost all of our cases, the answer is "yes."
Bankruptcy exemption laws in Georgia allow you to keep your
property. The Chapter 7 trustee can
collect all “non-exempt” property, liquidate it, and distribute it to
creditors. But the Debtor gets to
protect their property with exemptions. Most
Debtors are able to keep all their property when the exemptions are fully
utilized. There are exemptions for all kinds or real and personal property such
as homes, cars, clothing, household goods, pensions, 401(k) plans, IRAs, life
insurance proceeds, etc.
The exemptions must be applied properly or the Trustee can
seize your property without your consent to sell to your unsecured
creditors. It is very important to have
an excellent grasp of the exemption rules in filing your bankruptcy or you risk
losing your property. King & King’s
lawyers understand the Georgia and federal rules regarding bankruptcy and can
help you protect what is yours, enabling you to get the “fresh start” the
bankruptcy is really about.
The best way to determine your exemptions is to contact a
qualified bankruptcy attorney. Call King and King Attorneys in Atlanta, Georgia for help today. 404-524-6400
