Common Georgia Bankruptcy Exemptions

When we talk with clients about bankruptcy, we frequently hear this question: What property can I keep? Many people are under the mistaken belief that they can keep nothing. You can keep certain property whether you file for Chapter 7 or Chapter 13 bankruptcy.

A skilled bankruptcy lawyer can explain what property you can keep under state-specific bankruptcy exemptions. The dollar figures change occasionally, so it is important to seek advice from an attorney who focuses on bankruptcy law.

At the firm of Pratt & Wall, Attorneys at Law, our founding attorney has helped individuals and families navigate the bankruptcy process for more than a decade. From our office in Suwanee, our bankruptcy lawyer represents clients in Fulton County, DeKalb County, Forsyth County, Gwinnett County and Hall County, as well as throughout the Atlanta metropolitan area. After discussing your situation, we can provide guidance on which chapter might be right for you to file. We have developed a record of success and truly care about getting the best results.

What Property And Assets Can I Keep?

Here is a list of some of the most common exemptions. Please call us to find out current exemption amounts:

  • Your residence
  • A modest vehicle
  • Personal property such as jewelry, clothing, appliances, furnishings, household goods, musical instruments and health aids
  • Tools needed for your trade

Pensions and retirement accounts (e.g., employer-sponsored 401(k) or 403(b) accounts) are generally protected, so it is rarely a good idea to liquidate these accounts. Other exemptions may apply to sources of income, but our attorney will address them based on your situation.

The length of time you have lived in Georgia will also affect whether you can file and take advantage of these property exemptions.

Speak With An Experienced Bankruptcy Attorney

Each situation is different. After an open and honest discussion, we will be able to suggest the best possible options. To get started, call 770-614-4811 or complete our online form to schedule a free initial meeting. We offer payment plans.

Under federal law, we are designated as a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.