Best Chatham County Georgia Bankruptcy Law Firm
Chapter 7 bankruptcy is a process in which an individual petitions the court to discharge all of their debts. The individual may have secured debt and unsecured debt and how each of these is handled can vary from case-to-case. An individual seeking protection under chapter 7 of the United States Bankruptcy Code may have to relinquish a portion of their personal goods in order to satisfy some of the debts owed to the creditors.
The following properties are exempt under Georgia law:
• Real or personal property, including co-op, used as a residence, up to $10,000 (up to $20,000 if married whether the spouse is filing or not). Unused portion up to $5,000 may be applied to any other property.
• Motor vehicles up to $3,500; clothing, household goods, appliances, furnishings, books, musical instruments, animals, and crops up to $300 per item and $5,000 total; jewelry up to $500; health aids; lost future earnings recoveries needed for support up to $7,500; personal injury recoveries up to $10,000; wrongful death recoveries needed for support; burial plot in lieu of homestead. Also, any property up to $600 plus any unused homestead amount up to $5,000.
• Wages – For private and federal workers, either 40 times the state or federal hourly minimum wage or a minimum 75% of earned but unpaid earnings; whichever amount is greater. The judge may authorize more for low-income debtors.
• Pensions, Tax exempt retirement accounts, Traditional IRAs and Roth IRAs up to $1,095,000 per person, ERISA-IRAs and qualified benefits.
• Workers’ compensation.
• Unemployment compensation, Veterans’ benefits, social security, crime victims’ compensation, and local public assistance.
• Old age assistance.
• Aid to blind or disabled.
• Tools, books, and implements of trade up to $1,500.
• Alimony and child support needed for support.
• Fraternal benefit society benefits.
• Life insurance proceeds, Annuity and endowment contract benefits, Disability or health benefits up to $250 per month, Group insurance.
• Unmatured life insurance contract; unmatured life insurance dividends, interest, loan value or cash value up to $2,000 if you or someone you depend on is beneficiary; life insurance proceeds if policy is owned by someone you depend on and is needed for support.
Our Savannah GA (Georgia) bankruptcy lawyers help clients in Savannah GA (Georgia), Richmond Hill, Coastal Empire, Hinesville, Port Wentworth, Pooler, Garden City, Tybee Island, Bloomingdale, Isle of Hope, Pembroke, Darien, Augusta, Brunswick, Statesboro, Rincon, Springfield, Lyons Vidalia, Claxton, Metter, Swainsboro, Baxley, Jesup, McCrae, Valdosta, Waynesboro, Wrightsville, Chatham County, Bryan County, Glynn County, McIntosh County, Liberty County, Long County, Evans County, Bulloch County, Effingham County and Toombs County, and at Fort Stewart and Hunter Army Airfield file for bankruptcy. Contact us if you are considering filing for bankruptcy.
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Savannah Georgia bankruptcy lawyer | Bankruptcy attorneys in Savannah GA and Richmond Hill – Filing for Chapter 13 Bankruptcy and Chapter 7 Bankruptcy in Savannah GA
http://www.savannahgabankruptcy.com
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