Filing a Chapter 7 bankruptcy is a big decision that allows you to keep certain property and assets that are considered exempt. There are both federal and state laws that determine the property that has to be liquidated to pay off your debts and the property you get to keep despite the bankruptcy filing.

Exemptions for Chapter 7 Bankruptcy

Although federal laws exist that allow you to choose either the federal or state exemptions of some states, Georgia only allows residents filing for bankruptcy to follow the state exemptions. If you have a federal pension or military retirement or you receive disability benefits, you will need to supplement your Georgia bankruptcy filing with a few federal bankruptcy exemptions.

protect property in bankruptcy

Protecting Your Property

The Georgia Homestead exemption allows you to keep $21,500 of value in your home. If you have equity of this amount or less, you can keep the equity and you do not have to sell your home to deal with your debts. You can keep $5,000 worth of motor vehicles, $500 worth of jewelry, $10,000 of any personal injury compensation, and a number of other exemptions so that you can continue to receive benefits if you get disability benefits or receive unemployment or workers’ compensation.

Hiring an Atlanta Bankruptcy Attorney

With all the potential exemptions, it’s important to hire an Atlanta bankruptcy attorney to go through the details of your case. If you are married and you are filing for Chapter 7 bankruptcy, your exemption amounts may change. You will need to gather all of your asset and debt information in order to figure out what you can keep, what will be discharged in your bankruptcy, and what you will need to liquidate in order to satisfy creditors.

Securing Your Financial Future

By allowing exemptions that make it possible to keep retirement funds, home equity and other personal property, a Chapter 7 bankruptcy doesn’t force you to start completely over. When you have unsecured debt that makes it impossible to keep up with your bills, it’s time to take a hard look at your finances and make a decision about filing for Chapter 7 bankruptcy. You won’t be inundated with debt that you can’t control, and you will still be able to keep some of your assets to protect your financial future.

At Clark & Washington LLC, we know how important it is to protect the assets you can when filing for bankruptcy. Contact us today at 770-488-9302 to set up an initial consultation and see what your bankruptcy options are.