You may be wondering how much, if any, of your “stuff” that you can keep if you file a bankruptcy. Many people wrongly believe that you have to give up everything you own if you file for bankruptcy.
Nothing could be further from the truth. In almost every case we file, our clients give up nothing and lose nothing unless they choose to surrender a secured item (like a house or a vehicle) to eliminate the associated debt.
Believe it or not, you can shelter cash and funds in your bank account. Specifically, the Georgia exemption statute permits you to protect up to $11,200 in cash – double that to $22,400 if you file jointly with your spouse. If you have more, you can potentially keep most or all of your “cash on hand” by filing Chapter 13 instead of Chapter 7.
The amount of cash you can shelter depends on what other property you have and want to protect. It also depends on whether you file Chapter 7 or Chapter 13 – give our office a call at 770-393-4985 if you want to learn more about how much you can protect in a bankruptcy case.