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 deals with.
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.