Chapter 7 exemptions – Explained in detail
Athens bankruptcy lawyer
Chapter 7 bankruptcy is a process in which an individual petitions the court to discharge all of their debts. The debtor can have secured debt as well as unsecured debt and how each of these is handled can vary from case-to-case. A debtor seeking protection under chapter 7 of the US Bankruptcy Code may have to surrender a part of their personal property in order to satisfy some of the debts owed to the creditors.
Georgia law exempts real or personal property, including co-op, used as a residence, up to $10,000 (up to $20,000 if married whether the spouse is filing or not is exempt under Georgia law
However the bankruptcy court can refuse to discharge the debts. The general grounds for denying a discharge to an individual debtor include:
1. Debtors failure to keep or produce adequate books or financial records;
2. Failure of the debtor to explain satisfactorily any loss of assets;
3. The debtor is guilty of a bankruptcy crime such as perjury;
4. Failure of the debtor to obey a lawful order of the bankruptcy court; or
5. Fraudulent transfer, concealment or destruction by debtor of property that would have become property of the estate.
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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
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