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Your email address will not be published.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
  • lawyers
    5.0/5.0

    I enjoyed working with Jeff and his team. They were always there to help and answer any questions that I had in a timely manner. I highly recommend Jeff Fields and Associates.

    Read more

    Client

  • lawyers
    5.0/5.0

    This attorney made a very difficult situation much easier. Everyone treated me compassionately and with respect. The attorney and staff are very professional and knowledgeable. They were always available to answer questions and just lead me through t...

    Read more

    Client

  • google
    5.0/5.0

    Mr. Fields and staff were extremely professional and courteous. They made the process very easy. They are affordable for all. If you are considering bankruptcy, do not hesitate to give the a call. I am a legitimate client of theirs and not a paid pos...

    Read more

    Tim Willard

  • google
    5.0/5.0

    We worked with Chris and Casey. They were amazing, responsive, and kept us updated throughout the entire process. Anytime I had questions, I received a response within 24 hours and couldn’t be more pleased with their professionalism and their abili...

    Read more

    Briana Culver

  • lawyers
    5.0/5.0

    Very easy to work with, took care of my bankruptcy challenges & hot me out of the right spot I was in.

    Read more

    Client

See all reviews
Contact us

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

Quick Contact Form