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Does bankruptcy protect valuable assets like my home? Atlanta, GA

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Does bankruptcy protect valuable assets like my home?

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One of the most common concerns anyone considering filing for bankruptcy may have is whether they will have to give up their home or other valued property. It would be great to be able to say that the answer is a flat out, no. But it really depends on all the circumstances of your particular case.

There can be many variables that can affect whether the home can be protected from creditors. The law does allow bankruptcy filers to exempt property from collection efforts. But understanding how those exemptions apply in a given case can be difficult to sort out on your own. Sadly, very often, information being provided on the Internet can leave you more confused than when you started.

For example, if you conduct an online search for “Georgia bankruptcy exemptions” you will find yourself faced with a long list of possible links to any number of sites. One of the first things you might notice is that it’s hard to get to an unbiased source. If you do find one, you then might notice that the language is such that it’s awfully hard to decipher just what is what.

As information from the Georgia Bar Association notes, protection of assets such as a home or vehicle, depends on the value of the asset and the type of bankruptcy pursued.

If you file for Chapter 7, a lot will hinge on whether your assets hold any equity. Georgia law permits only up to $10,600 in home equity to be exempted. If the filing is on behalf of a married couple, the amount doubles. The exemption value on a vehicle is $3,500 for an individual and $7,000 for married couples.

Chapter 13 filers may find that they can enjoy greater protection against the loss of such valuable assets. But again, it requires a full examination of the individual circumstances.

We’ve only talked about one aspect of filing for bankruptcy here and you can see that it can be complicated and confusing. There are many elements to consider and to understand, which is why consulting an attorney first is always advisable.

Source: Georgia Bar Association, “Bankruptcy,” accessed Aug. 15, 2014

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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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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