QUESTION
Possibly forced to file bankruptcy and would like to know if any way possible to protect a piece of property of own
Asked on Feb 11th, 2013 on Bankruptcy - Georgia
More details to this question:
Currently in heavy credit card debt that I can no longer even pay the minimums due. I have my home and car financed and wish to continue. However, I own a piece of land that I have up for sell. Is there any way possible to protect this land or will it be taken if I file? I also own an older model truck. Would it be taken as well?
2 ANSWERS
Bankruptcy / Chapter 11 Attorney serving Buford, GA
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Marion E. Ellington, Jr., Attorney at Law, P.C.
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There are two types of bankruptcy. Under a chapter 7 liquation, you might lose some of your assets, as you can only exempt up to a certain amount depending on the type property. Therefore you might want to consider a chapter 13 to avoid losing assets. This is a reorgainization wherey you will be required to pay some or all of the debt back over a period of time from 36-60 months.
Answered on Feb 11th, 2013 at 6:02 PM
Antonio B. Mari
This would depend on a great number of factors. There are ways to protect assets but if the land has value over $20,000 you may have a serious problem keeping the property.Your best bet is to contact a bankruptcy attorney directly and provide the value of the assets.
Answered on Feb 11th, 2013 at 3:46 PM