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
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 MoreRead More
The myth that you lose everything if you file for bankruptcy is exactly that, a myth. In reality, bankruptcy filers in Georgia usually get to keep most or all of their important items by declaring them exempt from creditors under state law. If an item qualifies for an exemption, the item cannot be taken by Read MoreRead More
Most Georgia bankruptcy filers prefer taking the Chapter 7 route because it results in discharging outstanding debts while allowing debtors to keep most or all of their property. However, you shouldn’t assume Chapter 7 is the right fit for you. There are several factors to consider first, including your income, your expenses and whether you Read MoreRead More
Far too many people continue struggling with debt because they are afraid of how bankruptcy might affect them in the future. There are all kinds of myths out there about how bankruptcy means you lose everything and leaves you with terrible credit that can never be repaired. In reality, bankruptcy’s bad reputation is based on kernels Read MoreRead More
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