What assets can I protect in a Chapter 11 bankruptcy?

If you are considering filing for Chapter 11 bankruptcy in Georgia, you may be wondering what assets you can protect. Fortunately, Chapter 11 bankruptcy law in Georgia allows filers to protect certain types of assets. One type of asset that can be shielded from creditors in Chapter 11 bankruptcy is property that is owned by a business. Business owners who file for Chapter 11 bankruptcy may be able to protect their business assets. Examples of business assets that may be protected in Chapter 11 bankruptcy include buildings, real estate, equipment, and inventory. Another type of asset that can be protected in Chapter 11 bankruptcy is personal property. In Georgia, individuals who file for Chapter 11 bankruptcy may be able to keep certain types of personal property, such as their vehicle and home. Retirement accounts are also protected in Chapter 11 bankruptcy. According to Georgia bankruptcy law, retirement accounts such as IRAs, 401(k)s, and pension plans are usually exempt from creditors. Lastly, life insurance policies can be protected in Chapter 11 bankruptcy. This includes policies that have a cash value, such as whole life insurance policies. However, credit life insurance policies cannot be protected. Although Chapter 11 bankruptcy offers protection for certain types of assets, creditors may still be able to take some of your assets. Therefore, it is important to speak with a knowledgeable attorney before filing for bankruptcy so that you can understand what assets you can and cannot protect.

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What assets can I protect in a Chapter 11 bankruptcy?

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