If you are wondering why to file bankruptcy, please call our office right away to make a consultation with our lawyers. We can help you get your life back after bankruptcy.
Protected Assets
One of the primary questions that our clients ask us is what assets are protected in a Chapter 7 bankruptcy in Georgia. There’s a term called exempt property. It’s a term that attorneys use that most people would never use in their ordinary language. Exempt assets are basically assets that the state of Georgia has determined that, no matter what happens, you can protect these assets from your creditors.
Georgia has established a particular bankruptcy statute that lines out those assets. For instance, you can protect from $1,500 of equity in your house. You can protect up to $5,000 of equity in an automobile, $2,000 equity if you cash your regular life insurance policy, $1,200 in tools of the trade, $1,200 in other assets that you might have. There’s a smattering of other type of protections.
One of the big protections is retirement plans. You can always protect unlimited amounts of monies in retirement plans that are tax-exempt, for instance, 401(k), your employee provided retirement plan. IRAs and other types of retirement plans are always fully protected.
As with all legal proceedings, one of the questions we hear often is, how much does it cost? A Chapter 7 bankruptcy in Georgia typically costs $1,500 plus the filing fee of $335. Sometimes the cost may be higher depending on the complexity of the case or sometimes it could be lower depending if it’s a very straightforward and simple case.
Length of Time Bankruptcy Takes
One of the questions that a lot of clients ask us is how long a Chapter 7 bankruptcy will last in Georgia. A Chapter 7 bankruptcy is a relatively quick bankruptcy. Once you come in, put in your paperwork, and then file, you have a meeting of creditors within 30 days after the file. If everything goes like it is planned, there are no objections, and you do not have any discharge ability issues, which 99% of the clients, of course, would not have, you can be out of bankruptcy within three to four months. If you have any questions concerning that, just give us a call.
When you are wondering why to file bankruptcy we hope you reach out to us right away. We are here to help you work on getting your life back. Set up your consultation with us today to get started.
