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
www.kingandkingattorneys.com