What Assets Are Protected By The Georgia Bankruptcy Exemptions?

A major concern for those considering bankruptcy is whether they will lose all their assets as a result of filing a chapter 7 or chapter 13 bankruptcy. Several of our clients initially come to our office with the misconception that the bankruptcy trustee will take everything they have to satisfy their debt obligations. However, Georgia law has created exemptions for several categories of assets which are protected from creditors during the bankruptcy process.

Under Georgia law certain assets are completely exempt from the reach of creditors during the bankruptcy process. These assets include pensions, tax-exempt retirement accounts, public benefits, alimony, child support and life insurance. There are other assets that are not completely exempt, but are instead protected up to a certain amount. For example, home equity in a primary residence, household goods, motor vehicles and trade tools all have exemption from the bankruptcy liquidation process up to certain limits. In addition, there is a wild card exemption that can be used to protect any asset up to a certain amount.

At your initial consultation we will evaluate your case and explain all of your options. The Georgia bankruptcy exemption rules can be complicated and require the assistance of a knowledgeable Douglas County Bankruptcy Lawyer to guide you through the process. For many of our clients the decision to file comes down to how the bankruptcy court views certain assets over others. We have experienced thousands of bankruptcy situations and will utilize that knowledge to assist you with your case.