Category Archives: bankruptcy exemption

What Are Exempt Assets in Bankruptcy?

Many states allow bankruptcy debtors to choose between state and federal exemptions. As a general rule, the federal exemptions are more debtor-friendly than state laws. However, Georgia debtors must use the exemptions provided in Title 44 of the Georgia Code to decide exempt assets in bankruptcy. The news is not all bad, though, because the Peachtree […]

Georgia Bankruptcy Exemptions

The biggest concern Georgia debtors have when they decide to file bankruptcy is the uncertainty regarding their assets. Every state has different bankruptcy exemptions and Georgia is no exception. Georgia bankruptcy exemptions can make a big difference between keeping a beloved asset and having to possibly surrender it to the bankruptcy court. These exemptions don’t […]

Discharging Taxes in Bankruptcy

As part of an ongoing trend, revenue-strapped Lawrenceville announced that it would seize income tax returns to satisfy delinquent accounts. Under the Tax Return Intercept Program, participating local governments essentially place a lien on certain tax returns. Taxpayers in these situations should receive a notice letter that gives them thirty days to successfully challenge the […]

Do You Have Too Much Money and Too Many Non-Exempt Assets to File Bankruptcy?

Contrary to popular myth, bankruptcy debtors do not automatically lose their non-exempt assets, even in Chapter 7 liquidations. The trustee (a court-appointed bureaucrat who oversees the case on behalf of the judge) is under no duty to perform such random seizures. Instead, the bankruptcy trustee must examine non-exempt assets and determine if it is worthwhile […]

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