Alpharetta liquidation Attorney, Sale of Property
Chapter 7 bankruptcy proceedings often include the liquidation and/or sale of property, which can be emotionally upsetting, so it’s good to remember that most liquidations are quick, taking, on average, less than six months to complete.
Let Alpharetta bankruptcy lawyer J Thomas Salata guide you through the process of liquidating personal property and real estate in Georgia. His calm, professional approach is what is most needed when you are in such a vulnerable position and his experience and knowledge will keep your losses to a minimum.
Experienced Alpharetta Bankruptcy Attorney
In many cases, when a home’s equity is $10,000 or less, the sale of a personal residence can be prevented. Personal property, including vehicles, household goods, and clothing have exemption limits and then there is the all important “wildcard exemption,” which can be used where most needed/desired. It is not uncommon for a bankruptcy trustee to determine that the assets involved lack enough value to liquidate, in which case you are allowed to keep your property. In situations of sentimental value, many trustees will allow, with the court’s permission, an owner to “buy back” his or her property before it is offered to the general public for sale.
There are other considerations to factor into the decision making process, such as income tax owed on any part of a forgiven debt, since the IRS considers that as income. Alpharetta bankruptcy liquidation attorney J Thomas Salata knows how to use the law to full advantage and negotiate the best possible settlement for your particular case.
Contact a Sale of Property Lawyer in Alpharetta
We aggressively defend your rights during bankruptcy liquidation and sale of property. Let us help you to minimize losses and move you quickly through the bankruptcy liquidation process and onto the path to a fresh start. Contact a Georgia bankruptcy foreclosure liquidation and sale of property attorney at the law offices of J Thomas Salata for a free consultation of your case at 770-408-7004.
Protecting your rights during liquidation of real estate, jewelry, stocks, bonds, furniture, clothing or vehicles.