Generally, you will not be asked to surrender your house, car or other property when filing a Chapter 7 or Chapter 13 bankruptcy. The bankruptcy law recognizes that bankruptcy filers should be able to protect some of their assets, and it is my experience that most of the time, these exemptions, will include your possessions. Most of our clients keep all of their property during and after their Chapter 7 or Chapter 13 filing.
Although your bankruptcy will be filed in federal court, the rules that cover what you can protect when you file are contained in Georgia law. The federal Bankruptcy Code specifically allows State to create their own exemption rules and Georgia has elected to do so. The Georgia statute addressing these exemptions is located a OCGA 44-13-100.
If you have any Bankruptcy questions, or need help with your title insurance needs, please do not hesitate to call Paxin Closing and Escrow, LLC, at 866-752-4445
