Clark & Washington
NORCROSS, GA, October 23, 2012 /24-7PressRelease/
-- Attorneys Clark & Washington know that one of the major factors in determining whether to file for bankruptcy protection is whether you can keep your house. Now, thanks to the significant change in Georgia bankruptcy code made by SB117, keeping your home just became a little bit easier. The law, which became effective in May, gives a personal exemption of up to $21,500 for a person's primary residence.
Under the previous Atlanta bankruptcy law
, people filing for bankruptcy were allowed to claim just $10,000 of the value of their home as a personal exemption. Couples were allowed to a $20,000 exemption when filing for bankruptcy in Atlanta, GA.
Many Atlanta bankruptcy law firms
were happy to see the law change, allowing filers to claim more than double that amount in personal exemptions when the exemption is their primary residence. That means that a couple may exempt up to $43,000 of the value of their home when discussing assets in a bankruptcy filing. Property that is exempted is not required to be sold to pay creditors.
With the provisions of SB117, Atlanta bankruptcy lawyers can help clients navigate the waters of bankruptcy protection without automatically losing their homes. The change in the law effectively makes it more difficult for person's facing financial disasters to lose their homes. The attorneys at Clark & Washington specialize in Atlanta bankruptcy and understand what the changing law means to their clients. Offering clients the best bankruptcy protection, especially in difficult economic times, means understanding and applying changes in the law.
Home owners interested in learning more about the protection that SB117 offers under bankruptcy law and considering bankruptcy can contact Clark & Washington at http://www.cw13.com
About Clark & Washington
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information visit: http://www.cw13.com
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