Monday, August 19, 2013

If I File Bankruptcy in Georgia Can I Keep My Property?

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