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If you’re at the unfortunate place in your life when you need to file for personal bankruptcy there are two options for your protection. Chapter 7 involves the elimination of unsecured debt. With Chapter 13 you may reorganize your debt into manageable payments to avoid high interest rates. When choosing which one of these options is right for you, George R. Belche, Attorney at Law will help you.

One consideration George R. Belche, Attorney at Law will help you navigate is that of exempting your property, to let you keep as much of it as you can. The homestead exemption will protect your home equity from your creditors in a Chapter 7 and it will aid in reducing your payments in Chapter 13. Your residence is the only exemption that is applicable under homestead exemption. Other properties cannot be used with this type of exemption.

Homestead exemptions vary a great deal from state-to-state, county-to-county and person-to-person. There are a variety of situations that will determine the amount that you can exempt. The state of Georgia does offer homestead exemptions to all qualifying people who own homes. There are counties that have increased the amounts of their homestead exemptions through local legislation. Typically these county exemptions benefit you, the homeowner, more. Other considerations taken when determining your homestead exemptions are your age, if you are a disabled veteran, surviving spouse of peace officers, fire fighters or U.S. service members.

If you’re considering personal bankruptcy and wonder if you could be eligible for a homestead exemption, contact George R. Belche, Attorney at Law. Gwinnett Bankruptcy offices will help you get the most out of your bankruptcy and help protect you to the extent that the law provides. Call our office today.

George R. Belche, Attorney at Law