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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I had planned on filing bankruptcy last year this time - ran

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I had planned on filing bankruptcy last year this time - ran into a few problems - (auto accident, house break-in, unemployed) and then suddenly sold the house - was still unemployed - bought a fixer-upper and now need to file bankruptcy. I am behind on some of my credit cards - can I file after 6 months of selling my home - I'm trying to liquidate all my other assests to pay creditorss.

You may want to consider a bankruptcy. I will explain.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Georgia:

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
Customer: replied 7 years ago.
As far as assets go - would that include the remainder inventory and my home? Or can I liquidate my assets (art, jewelry) and they would put a lien on my home and then try and make a deal with the bill collectors to pay them a portion of what I owe them or think about Chapter 13 and make a re-payment plan when I do get a job? I need a place to live so I can make a living. Thanks for your assistance.
everything that you own is considered to be an asset. Assets are valued at fair market value -- garage sale value.
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