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 a brief consultation with Bronx area personal injury attorneys and 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.
Save Your Home
All real and personal properties that you use as a residence fall in this category. If you have filed the petition individually, you will be able to exempt up to $10000. If the current value of your home is less than $10000, you can keep it, but if its value is higher than that, your home is likely to be sold off and the trustee will pay you $10000 in cash. In cases, where a married couple has filed the petition jointly, the exemption limit is $20,000 (double). If you do not want to lose your home, an Atlanta bankruptcy attorney can help. Even if your home is worth more than $10000, the lawyer may negotiate a settlement, as per which you will be able to keep your home, but in return, you will have to sacrifice other exemptions of equivalent value. Alternatively, you may also save your home by agreeing to continue with the mortgage payments and to pay off all previous dues. Your lawyer can even negotiate with the mortgage lender and establish an affordable repayment plan so that you can continue making the monthly payments in a timely manner.
Save Your Car
Life can become very difficult in Georgia if you do not have your own car. So, you probably do not even want to lose your vehicles. As per the laws, you can keep your vehicles up to the value of $3500. It means if the current value of your car is $12000 and you still owe $4000 on it, your car will be sold off and you will get only $3500 in cash. This is obviously not a fair deal when you already have paid a large portion of the car loan. Your Atlanta bankruptcy attorney can come to your rescue in such cases. They will find out a middle way to save your car. For example, a common strategy is to continue making the car loan payments and to pay off all previous dues. But, it is not as simple a task as it seems. There are lots of legal intricacies involved with the process. So, unless you are an expert in Georgia bankruptcy laws regarding exemptions, you will need an experienced legal representative to handle the case on your behalf.
Overall, an Atlanta bankruptcy attorney can play a very important role when it comes to saving your home and vehicles while your assets are supposed to be liquidated under chapter 7 provisions.