Search Site
Menu

Will I Lose Everything I Own if I Declare Bankruptcy?

Many people fear going into bankruptcy because they believe that they will lose everything they own and be out on the street relying on the charity of strangers.  It isn’t that bad. It is important to remember that the purpose of a bankruptcy proceeding is to help you wipe the slate clean and move forward with your life. To that end, Georgia bankruptcy laws allow for certain exemptions.

Before describing those exemptions, it is important to note that bankruptcy law is the exclusive domain of the federal courts.  The government, however, has allowed states to make the decision to “opt-out” of federal exemptions to the bankruptcy code.  Georgia is an “opt-out” state that has identified its own exemptions. The list of exemptions can be found in Georgia Code §44-13-100.  Examples of the exemptions available to Georgia residents include:

  • Homestead exemption. Last year, the state legislature increased the amount of this exemption from $10,000 to $21,500 (or $43,000 for couples).
  • Motor vehicle ($3,500 in equity).
  • IRAs and other ERISA retirement accounts.
  • Household goods (up to $5,000 per person with no one item being valued at more than $300).
  • Jewelry (up to $500 per person).
  • Wildcard (up to $600 for any property plus up to $5,000 in unused real estate exemption).

These are just a few of the exemptions that are available.   Georgia bankruptcy laws contain a large number of other exemptions.  An experienced and caring Athens bankruptcy lawyer can help you identify all of the exemptions for which you qualify.

Please call Jeff Field and Associates at 404-381-1278 or contact us online to schedule your appointment.  We are ready to provide you with the help you need today.

Leave a Reply

Your email address will not be published.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

Videos
Our Attorneys
Client Reviews
  • lawyers
    5.0/5.0

    We worked with quite a few people in this office over the last 3 years. I can't tell you how many times I emailed or called or how many times they did the same and each time was a pleasure. These guys are so great to work with. They have a lot of com...

    Read more

    Client

  • google
    5.0/5.0

    Due to medical expenses and serious physical problems I had to file bankruptcy. I was nervous and really depressed about the whole situation. I called Jeff Field & Associates and felt at peace after talking to a lawyer. I decided to go with them and ...

    Read more

    Sherri Ellis

  • google
    5.0/5.0

    Outstanding work!! They were great from day 1!!! Thank you

    Read more

    L B

  • google
    5.0/5.0

    They Get the Job Done Trust me Right Away Fast Luv them

    Read more

    Gary Phifer

  • lawyers
    5.0/5.0

    Mr. Fields was very professional and understanding….he talked to me with respect and cared and understood my feelings….I would highly and strongly recommend him

    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