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 www.kingandkingattorneys.com

If I file Bankruptcy in Atlanta Will I Be Allowed To Keep My Retirement Savings?

Georgia bankruptcy court wants you to have savings for your retirement. So the good news is your 401(k) is a protected asset. The money in that account cannot be targeted through the bankruptcy process. So no matter how much money you have in your 401(k), creditors cannot request any money from it to pay what you owe. Student loan creditors are also prevented from taking money from your 401(k).

One thing to keep in mind with 401(k) retirement accounts and bankruptcy is your money is only considered a "protected asset" if it stays in your 401(k). If you move any funds to your regular checking or savings account that money becomes an "unprotected asset." Unprotected assets can be lost during bankruptcy.

If you feel you really need to move funds from your retirement account, consult the bankruptcy attorneys at King and King. We offer a free consultation and can provide you with all the information you need to make the most informed decision. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Lose My House, Car, or Belongings When I File Bankruptcy in Georgia?

The bankruptcy process is designed to help people keep as much of their property as possible. The basic idea in a chapter 7 bankruptcy is to wipe out your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt.

In determining whether property is exempt, you must keep a few things in mind. The value of property is determined not by the amount you paid for it, but by what it is worth now. Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement. Your bankruptcy attorney can discuss with you in further detail what Georgia law allows for exemptions.

Bankruptcy can help you keep your home. Chapter 13 bankruptcy gives you a three to five year period in which you are allowed to catch up on mortgage payments if you have fallen behind. Chapter 7 bankruptcy may give you the protection of the Court to catch up on payments or to make arrangements with the bank.

Bankruptcy is designed to give you a fresh start.

The lawyers at King and King can help. Call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Will I Need To Notify My Creditors That I’ve Filed For Bankruptcy?

One of the many benefits of working with an experienced bankruptcy attorney is we take care of notifying your creditors for you. After we file your bankruptcy, the bankruptcy court sends an official notice to your creditors informing them of your bankruptcy.

Your creditors have until 60 days after the date first set for your meeting with the trustee to file a motion objecting to the discharge of your debt.

Usually no objections are filed and we can proceed through bankruptcy. If a creditor does file an objection, we can help you decide what to do next.

One of the most important benefits of filing for bankruptcy comes at the moment you file. An automatic stay goes into effect. That means that collection actions against you or your property, including repossessions, garnishments, and foreclosure actions, immediately stop. As long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even call you on the phone to demand payment.

Don’t wait any longer for the fresh start you deserve. At King and King, we can help you get back on track to a healthy financial future and handle your creditors for you. Call us today at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com.

When Should You Talk to a Atlanta Bankruptcy Attorney?

You may be considering bankruptcy if you’re having financial difficulties, but how do you know if now is the right time? Should you file Chapter 13 or Chapter 7?

Your best option is to schedule a free consult with one of our bankruptcy lawyers as soon as you are in financial trouble. You’ll have the most options and the best chance of success. If you are able to file bankruptcy immediately, your attorney will get started reviewing and preparing your case.

The bankruptcy lawyers at King and King can answer all your questions, analyze your situation and recommend the best course of action.

Finally, bankruptcy can be a difficult and stressful time without an experienced attorney.

Our bankruptcy lawyers can take the pressure off you and set you on the path to a fresh start. Call King and King today at 404-524-6400 to schedule a free consultation or read more at www.kingandkingattorneys.com

Can My Wage Garnishment Be Stopped By Filing Bankruptcy?

If your wages are being garnished or if you are being threatened with a wage garnishment, you may feel like your situation just went from bad to worse. If you are unable to pay your bills on your full salary, you most likely cannot afford to have your wages garnished.

Wage garnishments are when a creditor of yours takes money out of your paycheck without your voluntary approval. Now, you can actually stop the garnishment through a Chapter 7 or a Chapter 13 bankruptcy. There are even some situations where we can get money that's been paid to a creditor through a garnishment back to you. Time is a factor, so don’t wait.

Millions of people have fallen on difficult times because of a loss of a job, divorce, medical issues or other difficult challenges. You are not alone. We are here to help. Call King and King bankruptcy attorneys at 404-524-6400 for help today, or visit us online at www.kingandkingattorneys.com for more information.

What are the Advantages of Chapter 13 Bankruptcy in Georgia?

One of the biggest advantages of Chapter 13 bankruptcy is it provides you an opportunity to save your home if you are facing foreclosure.

By filing Chapter 13, you can stop foreclosure proceedings and pay delinquent mortgage payments over time. Another advantage of Chapter 13 is that it allows you to pay other secured debts over the life of your Chapter 13 plan. The advantages to Chapter 13 versus Chapter 7 are many, but the main one is avoiding the need to liquidate your assets.

The bankruptcy attorneys at King and King provide Chapter 13 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