Can You Own Anything After Bankruptcy?
Understanding How Bankruptcy Affects Your Current and Future Assets
Over the years, creditors and their organizations have spread many myths about bankruptcy. One of those myths is that, if you file bankruptcy, you will end up with nothing to your name, and all your present and future assets will have to be used to repay your creditors.
In fact, nothing could be further from the truth. At Gingold & Gingold LLC, we are committed to sharing the truth about bankruptcy. Most often, when people ask whether they can own anything after filing bankruptcy, they are really asking one or both of these questions:
- Will you lose the things you own now? If your filing is prepared properly by an experienced bankruptcy lawyer, you will not lose any of the things you own, unless you want to willingly give up your home or car in order to wipe out your mortgage or auto loan. Your attorney will use the Georgia bankruptcy homestead exemptions to protect your property.
- Will you be able to acquire new property? Once you have received your bankruptcy discharge, the slate is wiped clean, and you are free to buy or otherwise receive new assets and personal possessions. As long as you have a stable source of income to repay a debt, you become a good credit risk after you complete your bankruptcy case because you have less or no debt.
Experienced Bankruptcy Attorneys · Gainesville, Douglasville, Atlanta
Our firm is made up of two experienced lawyers: Ira D. Gingold, who has been a bankruptcy attorney since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has been practicing bankruptcy, business and real estate law in Georgia since 2001.