Getting bankrupt is something that causes nightmares for people, especially those who are residing in Atlanta, as the laws regarding such cases in this place are not very favorable to the debtors. That is the reason why it is always wise to get help from Atlanta Bankruptcy Attorneys, as they are experts in this field. If you are filing under chapter 7, most of your assets are going to be liquidated in order to get money so that the creditors can be paid back. Like every other place in the United States of America, Atlanta also has certain provisions regarding property exemptions, as per which debtor is allowed to keep some of the assets and properties even in chapter 7 bankruptcy. Following is a brief rundown on the exemptions laws applicable in Atlanta and how an experienced lawyer can help you make the best use of these legal provisions in your favor.
Homestead Exemption
Homestead exemptions allow you to keep a real or personal property up to the value of $10,000. However, the maximum limit can get doubled in case a married couple is jointly filing for bankruptcy. It is important to note that this specific provision does not say that your home is safe; all it says is that you can keep up to $10000 of its value. It means if your home is worth more than $10000, the trustee will sell it off, give $10000 to you in cash, and use the balance to pay off the creditors. Atlanta Bankruptcy Attorneys however can help you save your home, as they are experts in these types of legal cases. In case the value of your home is less than $10000, you can use the balance and exempt properties that fall under other categories.
Personal Property
The laws applicable in Atlanta also allow you to keep some of your personal assets, such as furniture like this office chair, clothing, home appliances, television, and other such things. The maximum collective value of all such assets that can be exempted in this category is $5000. However, a single asset should not be worth more than $300. Again, if the value of a certain asset is more than $300, it is likely to be sold off and then the trustee will give you your $300 while the balance will be used for the repayment of the debt. The laws also allow you to use any unused homestead exemption up to $5000 to exempt some more personal properties. Besides that, there are also provisions to exempt personal injury cash recoveries up to the value of $10000. You can even keep your jewelry up to the value of $500. Atlanta Bankruptcy Attorneys can help you make the best use of these exemptions.
Automobile
Personal vehicles can be exempted up to $3500. If you still owe some money on your car, that outstanding due is deducted from the current value of the vehicle in order to find out how much protect equity you have. For example, if the value of a car is $14000 and you still owe $11000 on it, you will be able to exempt only $3000. But, if you owe $9000, only $3500 (the maximum exemption limit) will be exempted. In most cases, the vehicles are sold off and you get equivalent amount of money in cash.
Public benefits, such as unemployment compensation, local public assistance, veterans benefits, workers’ compensation, Social Security, crime victims compensation, and aid to the blind or disabled are exempted in full. Atlanta Bankruptcy Attorneys are expert legal professionals who make sure that the debtor gets the maximum value of exemption, as much as possible.