What to Do after You Filed Bankruptcy in Atlanta
Bankruptcy is a serious financial situation and is not one you want to go through more than once. Think about bankruptcy as an opportunity to start over. You need to be vigilant about being financially responsible in your new life after going through bankruptcy.
In general, there is no limitation on your future ability to own or acquire real or personal property. In most cases, those creditors with claims that are discharged in bankruptcy are not be able to take property or earnings you acquire after you file bankruptcy in Atlanta. Inheritances, property settlements, and life insurance proceeds that you acquire within six months after bankruptcy may become available for payments to creditors.
What you may be allowed to keep
A bankruptcy does not wipe out voluntary liens, like mortgages and deeds of trust, or tax liens. So the lender still has the right to foreclose if you do not pay.
Under Georgia bankruptcy laws, things that you may be allowed to keep include the following:
- Your interest in real or personal property that you or your dependents use as a residence, or in a cooperative that owns property that you or your dependents use as a residence
- A burial plot
- Household furnishings and goods, clothes, appliances, books, animals, crops, and musical instruments, up to $300 in value per item, but not to exceed $5,000 in total value
- Jewelry, up to $500 in total value
- Professionally prescribed health aids
- Social security, unemployment compensation or local public assistance benefits
- Veterans' benefits
- Disability, illness or unemployment benefits
- Alimony
- Pensions and individual retirement accounts
- Professional books/tools up to $1,500 in value
- Crime victims' compensation
- Payment for personal injuries up to $10,000
- Payment for compensation for loss of future earnings
- Payment for the wrongful death of a person you were dependent upon
- Life insurance payments
- Certain unmatured life insurance contracts
Bankruptcy may appear on a credit record for up to ten years.
Your Atlanta bankruptcy attorneys can help you understand your rights and obligations to creditors and can provide all necessary Atlanta bankruptcy services. Your Atlanta bankruptcy lawyers can advise you on whether Atlanta Chapter 7, Atlanta Chapter 11, or Atlanta Chapter 13 is the right choice for you and can guide you through the steps of this complex legal process. Seek out experienced Atlanta bankruptcy law firms to assist you during this difficult time.
Our bankruptcy lawyers in Atlanta have the experience you need
At the Law Offices of Michael R. Rethinger, LLC, we have years of experience and proven results in Atlanta bankruptcy cases. We pledge to give your bankruptcy matter the personal attention it deserves. Contact us for a free consultation.
