Search Site
Menu

Georgia’s Bankruptcy Property Exclusions

One of the most common misconceptions about bankruptcy is that it requires you to turn over and sell everything you own to get a discharge of your debts. However, in addition to the fact that liquidation bankruptcy under Chapter 7 is only one of several types of bankruptcy available to individuals and businesses, even under Chapter 7, a typical individual can keep a significant amount of property.

While bankruptcy is a federal program, individual states are permitted to pass their own laws setting what property a bankruptcy filer may keep. In some states, filers may choose between their state’s exemptions and those available under the federal bankruptcy code. In Georgia, however, the exemptions provided under state law are your only option:

  • Up to $21,500 in real estate or personal property
  • Up to $3,500 in equity in a vehicle
  • Up to $500 in jewelry
  • Up to $5,000 in other personal items as long as no individual item is worth more than $300
  • Up to $10,000 in personal injury proceeds
  • Up to $1,500 in trade tools
  • Alimony and child support
  • Public benefits
  • Certain retirement assets and life insurance proceeds

 It’s easy to see that these exemptions are fairly extensive. What’s more, Georgia allows married couples to pool exemptions, doubling many of these numbers. For instance, a married couple holding joint title to a home can keep up to $43,000 in equity. This is why bankruptcy does not affect many people’s lives nearly as much as they expect. Still, it is important to consult an experienced Georgia bankruptcy attorney to assess how these exemptions apply to you and whether bankruptcy is your best option.

Leave a Reply

Your email address will not be published. Required fields are marked *

Videos
Our Attorneys
Client Reviews
  • google
    5.0/5.0

    I have done business in the past with Jeff Field and Assoc. and highly recommend them to my family, friends and colleagues. I worked closely with Casey and Chris whom made the stressful process so much easier. I was able to rectify my issue in less t...

    Read more

    Hema Juman

  • lawyers
    5.0/5.0

    I chose Jeff Fields and Associates because of the positive reviews I read. My experience with them was very nice. Everyone I had the pleasure of working with was very professional and knowledgeable. Ms. Mai and Chase Butler were very quick too respon...

    Read more

    Client

  • lawyers
    5.0/5.0

    One of the best groups of people I’ve ever worked with. Fantastic company with employees who actually care about your personal experience during an awkward time. I hardly write reviews but wanted to let others know where to go if they happen to eve...

    Read more

    Client

  • lawyers
    5.0/5.0

    Working with Jeff Field & Associates was a pleasure. My attorney and case manager were awesome. They made this journey as smooth as possible and overall just very professional. I will recommend their services to anyone who is seeking help in gettin...

    Read more

    Client

  • google
    5.0/5.0

    This was by far a seem less process. Everyone was extremely helpful and a joy to work with. They answered all of my questions and followed up quickly when needed. Needless to say, I would definitely recommend their services to all of my friends and f...

    Read more

    Jason Barnes

See all reviews
Contact us

Please fill out the form below and one of our attorneys will contact you.

Quick Contact Form