There are many questions that come up when you file for bankruptcy. Some of the most common involve whether you can keep your property. More specifically, people want to know how bankruptcy affects your car and home.

The short answer is that it depends on whether your car or home are considered fully exempt. Georgia has a list of bankruptcy exemptions. If your property meets this stipulation, you’ll likely get to keep it.

But even if this is the case, you’ll need to consider what you owe to your creditors. Their stake in your property doesn’t disappear when you file. They’re entitled to receive payment, and in some cases, they’ll take possession of your property in order to do just that. If this happens to you, you may be able to negotiate terms of payment with your lender that would allow you to keep your home or vehicle.

Please bear in mind that only a bankruptcy attorney can answer this question with 100 percent certainty. That’s because they can examine the specific details of your claim and give you information that’s accurate for you. The Law Office of Tipton-Downie is here to help. We’re attorneys in Vidalia, GA who are committed to helping you get the best results possible for your case. Call us today to schedule your free initial consultation.