Will I lose everything if I file for bankruptcy protection?

     One of the most common questions asked when people think about filing bankruptcy is will I be able to keep my home and car. The thought of losing property because of the filing of a bankruptcy case scares many people.  Many also have private 401(k) accounts, government retirement accounts and personal private pensions or other investments that they think will get seized and used to pay creditors.  The idea that this money may be lost is a real concern of clients.

     There is good news though, when you file a bankruptcy case, the courts allow you to exempt some of your property such as a portion of your real estate equity, your personal property and your retirement money.  Much of this is safe and sheltered from the reach of the Bankruptcy Court by virtue of a Georgia law called the exemption law.  if you want to read the Georgia Exemption Statute, click here.  The Georgia exemption law sets out specifically what you can protect if you file a bankruptcy.  For a report on the Georgia Exemption laws, please click here.  If you would like me to e-mail you a copy of the report or the Exemption Statute, please e-mail me. The report discusses what you will be able to keep and what property might be at risk.