Will I loose my car if I file bankruptcy?

When you file for bankruptcy under Chapter 7, you are entitled to keep certain assets, designated as exempt property.  If you own assets for which there is no exemption, or if an asset is worth significantly more than the amount you are allowed to claim as exempt, it may be sold by the bankruptcy trustee.  It is important that you provide your attorney with a complete list of everything you own, as well as information about any claims you may have, such as an accident claim, an anticipated tax refund, or money owed to you by another.  Your attorney will advise you what assets you can fully protect, and what items may be vulnerable to sale by the Trustee.  This information can help your attorney advise you whether Chapter 13 may be a better option, the best time to file the case, and whether any actions can be taken prior to filing the case to maximize your exemptions. Most states have enacted their own exemption code, rather than allowing bankruptcy debtors to use the federal exemptions.  For example, these are some of the exemptions allowed by the State of Georgia:  $21,500 ($43,000 for a married couple), in your residence.  $5000 in automobiles. $5000 in household furniture, supplies, clothing, etc.. $500 in jewelry. Georgia also has what is commonly called a "wildcard" exemption.  If you don't need all of the exemption for a personal residence, you can use up to $5000 of that exemption, plus an additional $600, toward any asset.  For example, if your vehicle is worth $8000, you may be able to use the $5000 vehicle exemption and $3000 of the wildcard exemption, to protect it. GOOD ADVICE IS MOST IMPORTANT! It is critical that you get good legal advice before making any decision about bankruptcy.  Make sure you talk to an attorney with experience in both Chapter 7 and Chapter 13 cases.  Most good bankruptcy attorneys will provide you with a free initial consultation.  He or she will fully evaluate your finances and explain all of your options. MORGAN & MORGAN ATTORNEYS AT LAW, P.C. IS LOCATED IN ATHENS, GEORGIA.  WE HAVE MORE THAN 30 YEARS EXPERIENCE HELPING PEOPLE WITH BANKRUPTCY AND DEBT RELIEF, SOCIAL SECURITY DISABILITY, WORK-RELATED INJURIES, AND OTHER LEGAL PROBLEMS.  VISIT OUR WEBSITE AT WWW.MORGANLAWYERS.COM OR CALL (706)548-7070.