When filing Chapter 7 bankruptcy in Georgia, there will be many different things you will need to list with the court. One of the things you will need to list with the state is any property you have that is disputed in your bankruptcy.
There are regulations in Georgia which will allow you to maintain possession of different kinds of property. It is important that you are aware of what conditions will allow you to keep it and what conditions will cause you to have to release it. This is known as property exemption.
Even though there are some property that cannot be claimed as exempt, it does not mean that all hope is lost for retaining it after filing for Chapter 7 bankruptcy in Georgia. The best bet to know what you will and will be able to keep is to talk with a professional bankruptcy attorney. This will help you to discover what you will need to know should you decide that you would like to keep property which cannot be claimed as exempt in your Chapter 7 filing. The first step is to know what can claim as exempt and what will be considered to be non-exempt.
Exempt Property
The list of property which can be claimed as exempt are items which will not help to repay the debt you have or items which are simply protected as personal and have nothing to do with a bankruptcy proceeding. When filing a Chapter 7 bankruptcy in Georgia, these items will be considered to be exempt:
- Damages you have been awarded due to a personal injury.
- Part of earned wages which have not yet been paid.
- Part of equity built up in the owner’s home.
- Up to a specified value for jewelry.
- Goods and furnishings for the home which are necessary.
- Specified percentage of motor vehicles.
- Any benefits which have been guaranteed by the state including welfare, unemployment compensation and social security.
- Specified value for tools necessary for the debtor’s profession.
- Pensions.
- Household appliances.
- Clothing which is necessary and reasonable.
Non-Exempt Property
There are fewer items of property which will be considered to be non-exempt. These items will have to be dealt with either through reaffirmation, repayment or surrender. It is important that your intent is provided to the court prior to the filing so that you can go through the proceedings and deal with your property in accordance with your plans.
- Vacation home or second home.
- Cash, stocks, bonds, bank accounts and other investments.
- Valuable collections including, but not limited to, coins or stamps.
- Second motor vehicle.
- Family heirlooms.
- Musical instruments with a great value – exception is given to if the debtor is a professional musician.
Remember, even when you file Chapter 7 bankruptcy in Georgia and you have a lot of property which is non-exempt, it is possible to find a way to keep it. The last thing you want is to try to cheat the system and commit fraud. This will cause your filing to be null and you can face criminal charges. Talk with your bankruptcy attorney about your options.
Related Posts
- Who Can File for Chapter 7 in Georgia?
- Getting to know the Parties Involved in Chapter 7 Bankruptcy in Georgia
- Preparing for a Chapter 7 Bankruptcy in Georgia
- Chapter 7 Bankruptcy in Georgia Debt Discharge
- Debts That Can Remain After Chapter 7 Bankruptcy in Georgia
- Georgia Chapter 7 Bankruptcy Process Overview and Highlights
- Business Debt and Chapter 7 Bankruptcy in Georgia
- Discharge of Chapter 13 Bankruptcy in Georgia
- When Filing Chapter 7 Bankruptcy Makes Sense
- Remaining Debts After Chapter 13 Bankruptcy in Georgia
