Atlanta Attorneys Clark & Washington Explains the 'No Asset' Exemption in Your Chapter 7 Case

    ATLANTA, GA, May 15, 2015 /24-7PressRelease/ -- If you're thinking of filing for Chapter 7 bankruptcy, know that federal and state laws allow you certain exemptions. Clark & Washington, a well-known and trusted law firm specializing in bankruptcy cases, can advise you on what these exemptions are and whether or not you qualify. They have some of the most experienced bankruptcy attorneys in Atlanta today.

When filing for Chapter 7 bankruptcy, a trustee sells a debtor's non-exempt assets in order to pay his or her creditors. However, every state has a list of property that is exempt from seizure in a Chapter 7 bankruptcy case. Exemptions can encompass the entire worth of the items or only a maximum dollar amount. Some states allow Chapter 7 filers to use the exemptions stated under federal bankruptcy law in lieu of the state exemptions.

A "no-asset" exemption means the person filing for Chapter 7 does not own any non-exempt property or valuables that the trustee can take and sell to pay off the creditors. The filing procedure for a no-asset Chapter 7 bankruptcy case is fairly simple and straightforward. Once the petition for Chapter 7 bankruptcy is filed, the automatic stay becomes immediately effective. This means creditors cannot continue their efforts to collect on the debt while the bankruptcy case is under consideration.

Filing for bankruptcy in Atlanta can be a complex and confusing experience. Even a "routine" Chapter 7 filing can be fraught with missteps and lost opportunities to retain as many assets as you are entitled to under the law. The experienced Atlanta bankruptcy attorneys at Clark & Washington can help. Get in touch with them today. Your initial consultation is always free, and there is never any pressure to retain their services.

To learn more, go to http://www.cw13.com.

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