Q: I have a pet worth about 800 and a wedding ring worth about 2000 can these be protected in chapter 7 bankruptcy in GA?
A:
The best person to assist you in this matter is your own lawyer; that having been said, valuation in Bankruptcy is not the replacement costs but more likely the depreciated costs. Accordingly, is a "used" pet worth $800, or something less (don't be romantic about this), and is a used wedding ring worth $2000 (what would a pawn shop give you for it?)?
I don't do bankruptcy in Georgia, but a choice is made between the federal exemptions and the state exemptions. I practice in Florida and Texas, and their state exemptions are quite generous.
Good Luck
d
Timothy Denison and Janice Jacovino agree with this answer
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