By Jeff Field | Published June 27, 2023 | | |
Although people may fear that they’ll lose much of their property if they file for bankruptcy, the reality is that debtors who opt for this remedy usually keep most of their assets. That’s because federal and state laws allow debtors to claim exemptions — namely, categories of property that are shielded from creditors. However, the Read MoreRead More
In a Chapter 7 bankruptcy (also known as “liquidation”), a court-appointed trustee is tasked with collecting and selling the debtor’s assets and using the proceeds to pay the creditors. However, the trustee cannot take everything. The debtor can legally retain ownership of certain assets, in whole or in part. These bankruptcy exemptions include various forms Read MoreRead More
When someone files for a bankruptcy in Georgia, the court will appoint a trustee who has the power to gather up the debtor’s assets, liquidate them and use the proceeds to partially pay off creditors. However, under state and federal laws, certain property is exempt from the bankruptcy process up to a certain dollar amount Read MoreRead More
When IRS or the Ga. Dept. of Revenue (“GDR”) file a fully secured claim in a Chapter 13 case based on a pre-petition filed tax lien, 11 U.S.C. Section 506(a) operates to limit the claim to the value that any Debtor (“D”) has in the property scheduled in Schedules A and B in the Chapter Read MoreRead More
One of the most common misconceptions about bankruptcy is that it requires you to turn over and sell everything you own to get a discharge of your debts. However, in addition to the fact that liquidation bankruptcy under Chapter 7 is only one of several types of bankruptcy available to individuals and businesses, even under Read MoreRead More
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