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Dispelling Georgia bankruptcy myths you don t lose everything Atlanta, GA

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Dispelling Georgia bankruptcy myths ? you don’t lose everything

For those in Georgia drowning in overwhelming debt, normal everyday tasks can quickly prove to be seemingly insurmountable obstacles. For instance, what was once the simple act of paying monthly bills can easily become an anxiety-ridden chore when bank accounts run dry.

Unfortunately, these feelings of anxiety can rapidly turn to anger and frustration as debt collectors engage in their daily ritual of harassing phone calls and threatening letters. To make matters worse, many Georgians find themselves in this position due to no fault of their own – for example, because of job loss or unforeseen emergency expenses such as medical bills.

Sadly, despite the fact that bankruptcy can usually provide financial relief for these downtrodden individuals, many avoid this option based on the misguided impression that they will lose everything if they file for bankruptcy in Georgia. This mistaken belief could not be farther from the truth as there are several types of property in Georgia that are “exempt” from the bankruptcy estate – meaning Georgians are able to keep these particular types of property following a bankruptcy.

Georgia bankruptcy exemptions

While bankruptcy proceedings are generally governed by federal law, when it comes to bankruptcy exemptions, the federal bankruptcy code expressly permits each state to “opt-out” of the federal exemptions and create their own, which Georgia has elected to do.

Consequently, Georgia law currently contains several exemptions that can protect a person’s property during a bankruptcy. For example, those who file for bankruptcy in Georgia can utilize both the homestead and motor vehicle exemptions.

Specifically, Georgia law permits an individual to exempt a substantial amount of equity in his or her home from the bankruptcy estate – an amount that doubles if the person is married. Thus if an individual files for a Chapter 7 bankruptcy in Georgia, he or she does not have to jeopardize the equity he or she has accumulated in the home so long as the equity does not exceed the exemption limits.

Another commonly used Georgia bankruptcy exemption is the motor vehicle exemption – which states that a person is able to exempt his or her interest in a motor vehicle up to several thousand dollars. Interestingly, a bill that will increase the motor vehicle exemption – otherwise known as Senate Bill 105 – was recently passed by both chambers of the Georgia General Assembly. Now that it has been signed by the governor, the bill will hopefully be able to provide additional relief for Georgia families currently facing financial struggles.

Seek assistance if contemplating a Georgia bankruptcy

When it comes to both the homestead and motor vehicle exemptions, it can often be difficult to know how a Georgia bankruptcy court will ultimately assess the value of these particular pieces of property – meaning it is always best to speak with an experienced bankruptcy attorney in Georgia who can advise as to what the specific exemption amounts are, and if an individual qualifies.

Accordingly, if you are currently considering bankruptcy as a way to address your own mounting debt, it is advisable to contact a knowledgeable bankruptcy attorney who can help protect your rights and assist in the filing process.

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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