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Are you ready for a fresh start with your finances? Are you tired of looking over your shoulder, as you fear potential lawsuits? Is your mounting debt becoming a burden too heavy to bear? If so, it might be time to consider filing for Chapter 7 bankruptcy. When filing for bankruptcy, there are many things to take into consideration. Exemptions are one such consideration. In Georgia, you may exempt any property that falls into specific categories. You can view the groups by visiting Georgia Bankruptcy Law. Exemption limits apply to any equity you have in a property.

Things to Know About Chapter 7 Bankruptcy

• Ends liability for all discharged debt.
• You may be able to keep your house and car.
• You may be able to wipe out some tax debt if it is more than three years old.

Equity

Equity is the difference between the value of your assets and the value of your liabilities of something you own. The equation for equity is:

Equity = assets – liabilities

According to Georgia Bankruptcy Law, “If the property is secured by a loan, such as a car or home, and you are current on the payments, and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through bankruptcy.”

If you’re considering if this is the right time for you to file for bankruptcy, call George R. Belche. If you have questions, he can provide you with the answers. He can direct you to the best options for your situation. Call him today for your free initial consultation.

George R. Belche, Attorney at Law