If you’re considering filing for bankruptcy in the State of Georgia, you may be wondering if you’ll be able to keep your property. That all depends on which type of bankruptcy you file.
If you file Chapter 7 bankruptcy, your debts will be discharged. In exchange, your creditors will take possession of your property. However, you’ll be able to keep any property that’s considered to be exempt. There are many stipulations that must be taken into consideration for this. A bankruptcy attorney can help you make sense of the rules and how they apply to your particular situation.
If you file Chapter 13, the circumstances are a little different. As long as the plan you work out is in agreement with the state’s law, you will be able to keep your property. However, you’ll likely have to continue paying the bill for your mortgage, car payment, or other debts.
This is by no means a comprehensive explanation of how property is handled in these situations. If you need a bankruptcy attorney in Vidalia, GA, we encourage you to call the Law Office of Tipton-Downie. We’ll look over your financial situation, advise you on what may happen to your property, and recommend the course of action that’s right for you. Call today to schedule your free initial consultation.