State-Wise Wild Card Exemptions In Chapter 7 Bankruptcy

The wild card exemptions in chapter 7 bankruptcy can be applied to three types of assets and properties that include non-exempt property, partially exempt property, and cash. For example, if your state allows you to exempt up to $1500 under this category, you can either choose to keep that much value of cash or get that much value assets exempted that were otherwise non-exempt. You also have a third option where you can use the wild card to protect other partially exempted properties from the clutches of liquidation.

Hire An Atlanta Bankruptcy Attorney To Save Your Home And Vehicles

If you are filing under chapter 7, you will end up getting most of your debts discharged but only after most of your assets are sold off (liquidated). The state of Georgia however offers some relief for the person who is getting bankrupt by allowing him/her to exempt properties up to a certain limit. But, considering the complexities involved with these laws, it is often better to get help from an experienced Atlanta bankruptcy attorney. Even if you are not living in Atlanta, as long as you are residing in the state of Georgia, you can have an Atlanta lawyer as your legal representative.

Atlanta Bankruptcy Attorneys And Property Exemptions

Getting bankrupt is something that causes nightmares for people, especially those who are residing in Atlanta, as the laws regarding such cases in this place are not very favorable to the debtors. That is the reason why it is always wise to get help from Atlanta Bankruptcy Attorneys, as they are experts in this field. If you are filing under chapter 7, most of your assets are going to be liquidated in order to get money so that the creditors can be paid back. Like every other place in the United States of America, Atlanta also has certain provisions regarding property exemptions, as per which debtor is allowed to keep some of the assets and properties even in chapter 7 bankruptcy.

How to Calculate the Value of Properties in Bankruptcy Exemptions?

There are specific provisions for bankruptcy exemptions in both state and federal laws. You don’t lose everything even if you go bankrupt. When a person files a petition under chapter 7, all his/her assets are liquidated except for the ones that are legally exempted, such as home, car, household goods, retirement savings, jewelries and many other such things up to certain limit. However, in order to make the best use of these exemptions, you must know how to calculate the value of properties the right way.

Personal Bankruptcy

Personal bankruptcy is the most common form of bankruptcy. The bankruptcy laws in the bankruptcy code have provided various provisions for personal bankruptcy. In this competitive world, things move very fast, therefore, in an attempt to meet the standard of living set by the society, many people fall in the cruel trap of various kinds of debts. If you are not very careful in handling your financial matters, these debts may put you in a deep financial trouble and sometimes, things may just go out of your control. There might be a situation when the debts you owe to the various creditors are much higher than the assets you own and the means of income you have. This is the time when you would probably like to give your financial life a fresh start by closing the old chapters. Here, you will have to take the help of various chapters as described in the bankruptcy code. Let’s go exploring the various options that the bankruptcy code provides you.