Georgia Bankruptcy Exemptions

Federal bankruptcy exemptions are not available in the State of Georgia. A good bankruptcy attorney can explain the exemptions available under Georgia law. Consult a qualified Georgia bankruptcy lawyer today.

For couples filing for bankruptcy protection, each person can claim a full set of exemptions unless otherwise noted.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, is secured by a loan and payments are made on time, the equity is protected by your exemptions. If you choose to keep the property, continual timely payments ensure that the property is protected through the bankruptcy.

There are certain possessions that can be exempt or protected from creditors when filing for bankruptcy in Georgia. While there are some debts that cannot be wiped away in bankruptcy, there is property that can be kept. Talk to an attorney to find out how bankruptcy can protect you from creditors.

Assets

Homestead: Real or personal property, including co-op, used as a residence, up to $10,000; up to $20,000 if married, whether the spouse is filing or not. Unused portion up to $5,000 may be applied to any other property. Up to $5,000 of unused portion of homestead may be applied to any property

Insurance: Disability or health benefits to $250 per month, Fraternal benefit society benefits, Group insurance, Proceeds and avails of life insurance, Annuity and endowment contract benefits, Proceeds and avails of life insurance, Life insurance proceeds if policy owned by someone you depend on, needed for support, Un-matured life insurance contract, Un-matured life insurance dividends, interest, loan value or cash value to $2,000 if beneficiary is you or someone you depend on.

Miscellaneous: Alimony, child support needed for support

Personal Property: Animals, crops, clothing, appliances, books, household goods, musical instruments, furnishings to $300 per item, $5,000 total,Jewelry to $500, Burial plot, in lieu of homestead, health aids, Motor vehicle to $3,500, Lost future earnings needed for support up to $7,500, Personal injury recoveries to $10,000, Wrongful death recoveries needed for support, Any property up to $600 plus any unused homestead amount up to $5,000

Pensions: Public employees, ERISA-IRAs and qualified benefits, Employees of non-profit corporations, Tax-exempt retirement accounts, Traditional IRAs and ROTH IRAs up to $1,095,000, Profit sharing and money purchase plans, SEP and SIMPLE IRAs, Defined benefit plans, Payments from IRA needed for support, Other pensions needed for support

Public Benefits: Aid to blind and/or disabled, Crime victim’s compensation, Public assistance, Social Security, Old age assistance, Unemployment compensation, Veterans’ benefits, Workers’ compensation

Tools of Trade: Tools, books and implements of trade up to $1,500

Wages: Minimum 75% of earned but unpaid weekly disposable earnings, or 40 times the state or federal hourly minimum wage; which ever is greater, for private and federal workers, Judge may authorize more for low-income workers

Wildcard: $600 of any property, Unused portion of homestead exemption to $5,000

Need More Information?

Contact a Local Bankruptcy Attorney and get answers to your question for FREE! Complete the form below and a bankruptcy lawyer will contact you to go over your situation and answer your questions. Don't Wait -- Get help today!