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You Can Protect Your Assets Through Claiming Exemptions During A Chapter 7 Or 13 Bankruptcy

If you are preparing to file for bankruptcy in Georgia, it is crucial to know that you do not have to lose all your valuable assets in the process, if you qualify. While filing for bankruptcy normally causes you to lose critical property to pay off your debt, it is possible to keep some of your critical property.

We at the Law Offices of Max Benkel, P.C., know how to help you keep as much as possible during your bankruptcy.

How You Can Earn A Claim Of Exemption

If you have received a levy notification, you should have also received steps to file a claim of exemption. This kind of claim can help you maintain your freedom when you need it most.

There are several exemption types that you should know about, and how much they can be worth, such as:

  • Homestead: this exemption protects as much as $10,000 for an unused homestead or $21,500 for personal property. These values are worth twice as much if you are married.
  • Motor vehicle: this can protect up to $5,000 for a vehicle, or twice as much if you are married.
  • Wildcard: not all your property will fall under a common category, which is why this exemption will allow you to protect $1,200 of any property you choose.

It can be extremely stressful when you are trying to keep what you have earned while also going through a bankruptcy. Choose a lawyer who knows how to fight for your best possible outcome for you and your family.

Your Well-Being Is Important To Us

Going through bankruptcy should not mean that you lose everything, including your future. If you are considering or facing bankruptcy, let us help you protect your assets. If you are in the Atlanta area, contact our office by calling us at 404-287-0053. Call today and set up your initial consultation for free.