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Your Assets After Bankruptcy Atlanta, GA

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Your Assets After Bankruptcy

a gavel over a pile of banknotes

Upon filing for bankruptcy and establishing a “bankruptcy estate,” individuals often have questions regarding which assets are exempt from being liquidated. More importantly, however, they wonder about future assets and those obtained after their bankruptcy filing. LegalZoom explains that generally, if a person acquires property after they file for petition, specifically Chapter 7, the property will not be subject to liquidation as part of the bankruptcy estate.

To better understand, when filing a petition for bankruptcy, a person must identify all relevant assets (those that can sold by the court) to a court-appointed trustee, so that these can be dismantled and proceeds can be given to creditors. On the other hand, some assets must be kept according to state and federal laws, such as those that are exempt.

Also at the time of petition, an individual is entitled to an automatic stay. As such, creditors cannot call a person about their debt, send threatening letters, make notations on his or her credit or file a lawsuit to collect outstanding debts. Even so, it’s important to understand that automatic stay is in place to protect “existing” debts accrued prior to filing bankruptcy. Therefore, it does not provide protection against anything purchased using one’s credit after a bankruptcy filing.

As a general rule, individuals can keep property acquired after a Chapter 7 bankruptcy filing, with a few exceptions. For instance, if a person is eligible to receive compensation or a type of property prior to filing, but do not actually receive it until after their bankruptcy petition begins, this could be deemed part of the bankruptcy estate. Though not true for every case, the newly received property might be up for liquidation as part of the bankruptcy estate.

While filing for bankruptcy can be a relief for some, it is a stressful time for many, as the process is riddled with complexities regarding assets and questions regarding future property. At Gingold & Gingold, LLC, we’ve dedicated our firm to providing the personal attention that individuals need when they are seeking a fresh financial start. What’s more, our experience allows us to protect clients’ interests during Chapter 7.

To schedule a free appointment with one of the trusted debt relief attorneys at Gingold & Gingold, call today.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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