By Jeff Field | Published April 15, 2023 | Posted in Bankruptcy, Chapter 7, Uncategorized | Tagged Tags: bankruptcy exemptions, nonexempt assets in bankruptcy, trustee abandonment | Leave a comment
Is it Possible to Keep Some of Your Nonexempt Property in Chapter 7?
In a Chapter 7 bankruptcy, the appointed trustee collects and sells part of the debtor’s assets and then distributes the proceeds to creditors. However, Chapter 7 debtors are not left entirely destitute. Assets that the debtor is allowed to keep are called exempt property. In addition, a Chapter 7 debtor may be allowed to keep Read More
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How an Adversary Proceeding Might Affect Your Bankruptcy
When a serious dispute arises in a bankruptcy case, an adversary proceeding may be started. This is a separate lawsuit in bankruptcy court that may be initiated by creditors, the debtor or the bankruptcy trustee to accomplish an objective that cannot be achieved by filing a motion. The underlying bankruptcy case will not close until Read More
Read MoreWhat Property Can the Georgia Wildcard Exemption Protect?
Bankruptcy is designed to give troubled debtors a fresh start. One of the ways it does that is by allowing debtors to hold onto some of their most valued and necessary possessions. Known as exempt assets, they are not included in the bankruptcy estate and cannot be sold or repossessed by a lender to cover Read More
Read MoreWhat Happens When Only One Spouse Files for Bankruptcy in Georgia?
Can you file bankruptcy in Georgia individually when married? Declaring bankruptcy can be an individual or family decision. A married person in Georgia can file for Chapter 13 or Chapter 7 solely or jointly petition with their spouse. Which path to take depends on a host of factors that require close analysis and guidance from Read More
Read MoreHow Can I Get Debt Relief from a Creditor who is Garnishing My Wages?
Although not all creditors can or will garnish your wages, when you owe debt, aggressive creditors can do so. They must follow a specific process, but unscrupulous creditors may take advantage of consumers who are unaware of their rights. Athens Chapter 7 bankruptcy lawyers keep you informed of your rights and protect you along the Read More
Read MoreConsumer Beware: Debt Consolidation Scams
Bankruptcy Individuals with overwhelming debt often feel desperate about finding financial solutions. Unfortunately, some people fall prey to companies engaged in debt consolidation scams. Such scams put the individuals further into debt and violate their rights under fair debt collection laws. Government cracks down on illegal collection activities Georgia residents who suspect they are victims Read More
Read MoreBudgeting Tips for After Bankruptcy
Budgeting is a preventative measure that can keep people from falling into debt. Sometimes unforeseen events lead to bankruptcy, such as divorce, illness or investment loss. However, in other instances, debt results from poor financial management. If poor financial management was a factor, it is important to avoid repeating the same mistakes. Budgeting is one Read More
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