If you are about to go into a
bankruptcy proceeding then there is probably only one question on your mind. How can I protect
my assets? It is the same question everyone contemplating bankruptcy asks
and it is by far the most important question a Conyers GA Bankruptcy Attorney
There are laws in place specifically to help you protect your assets during
a bankruptcy and they are called Property Exemptions. Every state has
them but the details of the law change from state to state so you should
consult a Conyers GA Bankruptcy Attorney about the specifics of your situation.
To give you an idea how they work, let's look at two examples:
- If you owe 500,000 dollars to someone in Nevada and you enter into bankruptcy
then they could not make you sell your gun to pay the debt.
- If you owe 500,000 dollars to someone in Texas and you enter into bankruptcy
then they could not make you sell your million dollar mansion to settle the debt.
It all depends on where you live and your local Conyers GA Bankruptcy Attorney
is well versed in the intricacies of Georgia bankruptcy law.
The only time that a Property Exemption does not protect you is when you
voluntarily give up an asset in order to secure a loan. Under these circumstances
the asset becomes collateral for that loan and is vulnerable to seizure
if you default on the loan.
Keep in mind that there are also Federal Property Exemptions that can be
used in some situations. Many states allow you to use these exemptions
but others require that you only use the state exemptions. This will become
particularly confusing for couples that are filing jointly because you
have to make sure both you and your wife are using the same exemption.
When done correctly it can result in double the amount of state exemptions.
Make sure when dealing with any type of GA bankruptcy that you call the
best bankruptcy attorney to handle your case.
Contact us today at The Bankruptcy Law Group to help you with your Chapter 7 or Chapter
13 bankruptcy today.