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What Can I Keep in Bankruptcy?

Atlanta Bankruptcy Lawyer: Understanding Exemptions

One concern that many of our clients have when considering filing for bankruptcy is what they can keep and whether they will lose everything they own. While it is true that Chapter7 is a liquidation bankruptcy and that means a liquidation of the assets as well as the debts, it does not necessarily mean that all your assets will be liquidated.

In fact, that kind of complete liquidation rarely occurs when filing. Our Atlanta bankruptcy attorneys at Khoshnood Law Firm, P.C. can answer your questions and provide you with the advice you need so you know exactly what to expect.

How Are Assets Protected in Bankruptcy?

Most assets are usually protected under certain state laws. When you file for Chapter 7 bankruptcy, the laws of the state of Georgia provide the debtor with what are known as “exemptions.” Exemptions do exactly that: they exempt the value of certain assets from the bankruptcy estate that is created when a Chapter 7 bankruptcy case is filed. Most people’s assets are completely protected by the exemptions they are entitled to under Georgia state law.

These laws provide an exemption for:

  • Household goods
  • Furnishings
  • Furniture
  • Electronics
  • Appliances
  • Clothing and apparel
  • Motor vehicles
  • Tools of the trade

Exemptions in Atlanta Bankruptcy Cases

There is also an exemption for the equity in a primary residence. In addition, in Georgia, there is also a “wildcard” or “catch-all” exemption that can be applied to any asset that is not protected by the other categories of exemptions available. As a result of these exemptions, most people who file a Chapter 7 bankruptcy are able to keep all assets and liquidate all debts.

Whether or not you will be able to keep the things they own is a legal question which an attorney from our firm can answer for you. If you are unsure about this subject, the safest thing you can do is to speak to an experienced lawyer.

Call us at (404) 978-4411 to request a free evaluation with an Atlanta bankruptcy lawyer.

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Khoshnood

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Are you drowning in debt? Get in touch with Khoshnood Law Firm today to schedule your free consultation. We can help you begin your journey towards financial freedom.

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