How much of your property can you keep if you file bankruptcy?

How much of your property can you keep if you file bankruptcy?

My clients usually want to know what property they will keep when they file Chapter 7 or Chapter 13 bankruptcy in Georgia. Clients have many questions about exemptions and are afraid that the court or a creditor is going to come collect their house, car, and bank account when they file bankruptcy. I am here to answer your questions and allay your fears about your losing your property.

YOU WILL KNOW WHETHER YOUR PROPERTY IS FULLY PROTECTED WHEN WE MEET.

I will tell you if you are at risk of losing property when you file.  I may even tell you not to file because I identify property that you cant’ stand to lose. This is a conversation that you will want to have with an experienced bankruptcy attorney.  Don’t trust a paralegal, petition preparer, or dabbler attorney to protect your house, car, money, and other assets.

YOU WILL UNDERSTAND WHAT HAPPENS TO YOUR HOUSE, CAR AND OTHER ASSETS WHEN WE MEET.

You may elect to enter into a reaffirmation agreement with your car lender.  You may obtain a loan modification with your mortgage lender.  We will talk about all of your options as part of my consultation.

KNOW THAT:

Debt collectors lie. I sometimes meet clients who have been told by a debt collector that they are going to lose their couch, their car, their mother’s handmade quilt if they file. Clients have told me that debt collectors that they were going to jail for bad debt.

The media isn’t necessarily telling the truth. Historically, the press does a pretty good job of portraying people who file as bankruptcy as deadbeat / downtrodden.  I sometimes meet clients who just assume that filing bankruptcy means that they will be stripped down to a barrel and turned out onto the street to fend for scraps.  This image has changed as more and more Americans have been forced to file, but it persists.

Bad advice. People get bad advice about what will happen if they file from all sorts of ‘helpful’ friends and neighbors.  Do yourself a favor and consult with a real live bankruptcy attorney before you start believing what someone heard from the AM radio.

Your friends don’t know.  Your neighbors down the street don’t know the intimate details of your debts and assets. They cannot possibly understand how the bankruptcy code sees ‘you.’  Even if they got a discharge themselves, or didn’t get a discharge, don’t assume you know what will happen until you’ve talked to me.