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Your email address will not be published.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

    Higlhy professional firm. Jeff Field and Associates did whatever they said they would do. Very well versed in this type of law and their customer service is great. I highly recommend them.

    Read more

    Roy Naturman

  • google
    5.0/5.0

    I would definitely recommend Jeff to anyone filing for bankruptcy. He was very nice. He lets you know what's going throughout the process. Thank you Jeff. Athens, Ga.

    Read more

    Anita Craig

  • google
    5.0/5.0

    I am so glad I chose this firm for my bankruptcy journey. Everyone there is so friendly and helpful and made me feel so much better about the entire process. They made everything so quick and simple and now I can have a fresh start. I would absolutel...

    Read more

    Andrea C

  • google
    5.0/5.0

    Jeff Field and staff provided excellent services. The team was always there to answer questions and made the process, during this difficult time, simple and uncomplicated. He is a real professional and true credit to the law field.

    Read more

    Satisfied Customer

  • yellowpages
    5.0/5.0

    Jeff Field and staff provided excellent services. The team was always there to answer questions, responding to every email and call that I had questions and concerns about and I got answers, making this process, during a difficult time, straight forw...

    Read more

    Satisfied C.

See all reviews
Contact us

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

Quick Contact Form