Franklin bankruptcy attorneys are your best source of information about filing for personal bankruptcy. You are not required to hire Franklin bankruptcy attorneys or any legal help at all, but it is best to have experts on the subject matter working for you. You will find that hiring Franklin bankruptcy attorneys is especially valuable when dealing with bankruptcy exemptions.
If you file for chapter 7 personal bankruptcy, the bankruptcy court appoints a trustee to help you liquidate your nonexempt personal property. He or she or the bankruptcy court cannot liquidate anything that is protected by a bankruptcy exemption. Generally, there is a federal set of bankruptcy exemptions and also a set of state bankruptcy exemptions.
Many states allow you to use both federal bankruptcy exemptions and state bankruptcy exemptions. Other states require you to choose between using federal bankruptcy exemptions and state bankruptcy states. Some states opt out of the federal bankruptcy exemption scheme altogether. Still, a few states, while they require you to use state bankruptcy exemptions or to choose them, allow you to use supplementary federal bankruptcy exemptions as well.
The state of Georgia allows you to use state bankruptcy exemptions, but not any federal bankruptcy exemptions. However, the state of Georgia allows you to use supplementary federal bankruptcy exemptions along with their state bankruptcy exemptions. However, you will not use of all the bankruptcy exemptions that are available to you. You will only use the bankruptcy exemptions that apply to your bankruptcy case.
Georgia state bankruptcy exemptions include homestead, insurance, pensions, personal property, public benefits, tools of trade, wages, miscellaneous, and a wild card bankruptcy exemption of $400 on any of your personal property.
Supplementary federal bankruptcy exemptions include retirement benefits, survivors’ benefits, death and disability benefits, and miscellaneous benefits.
Franklin bankruptcy attorneys will know best what to do with your available bankruptcy exemptions.
For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.