Since bankruptcy laws are complicated, most people don’t know how to determine which Chapter to file under- Chapter 7 or Chapter 13 or Chapter 11 for a business. They don’t understand their rights and obligations. That is why the majority of persons who file bankruptcy hire a Georgia bankruptcy attorney to advise, guide and represent them. The attorney can access your financial situation and give you the right advice to help you make a proper decision. The attorney will prepare all the bankruptcy documents, file them with the court and represent you at the bankruptcy hearing as well as negotiate with your creditors.
Different reasons may cause people to file bankruptcy, but having a competent and experienced bankruptcy attorney representing you gives you the peace of mind that your interests are being protected.
Georgia Exemption Law
If you are concerned about whether you can keep some of your real and personal property, your attorney can explain what is considered exempt property under the Georgia exemption laws. Using the Georgia exemption law can help you and your attorney determine if you need to file a Chapter 7 complete liquidation or Chapter 13 reorganization. The Georgia exemption laws are separate from the federal bankruptcy laws and give you added protection. Under the Georgia exemption law, you can keep the following exempted property:
- First $21,500 in equity in real estate is exempt or $43, 000 for a married couple filing jointly
- $5,000 of household goods (no one item can be valued at more than $300)
- $500 ($1,000 for married couple) of jewelry
- Your pension and 401(k) plan are exempt
- $3,500 of equity in a motor vehicle
Once you file for bankruptcy protection, your creditors are barred from contacting you or trying to collect a debt against you. This means that they are stayed or stopped from harassing you or filing a lawsuit against you or obtaining a judgment or lien against you. This also gives you and your attorney time to negotiate with your lender or car finance company if you want to keep your house or car and to negotiate with your other creditors. After the debts have been discharged, your creditors cannot go after you either. They face a penalty for doing so and would be considered in contempt of court.
Hiring a Georgia bankruptcy attorney to assist you with your bankruptcy filing is recommended. The attorney can make sure that the documents are filed and prepared properly and represent in bankruptcy court as well as negotiate reduced debt with your creditors
If you have question or concerns about bankruptcy contact my office immediately.
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