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.
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5.0/5.0Great process. Detailed communication provided resources for rebuilding. Would recommend!
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5.0/5.0
I had an excellent experience working with my bankruptcy attorney. From the very beginning, they were professional, knowledgeable, and compassionate. Filing bankruptcy can be overwhelming, but they took the time to explain every step of the process, ...
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5.0/5.0
I had a great experience using Jeff Field and Associates for filing my Bankruptcy. Everyone was very professional and helpful. Connie Adams was so knowledgeable and patient with all of my questions I’m so glad that I chose this law firm and would r...
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5.0/5.0
Great experience from start to finish. The process was smooth and stress-free, and Ms. Connie was amazing throughout—very helpful, professional, and supportive. I truly appreciate all the guidance and would highly recommend this firm.
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5.0/5.0
I'm just finishing up 5 years of bankruptcy, and I honestly don't know how I would've done it without this Group. Everyone was super professional every time I reached out with questions, and they were always there to answer them. I eve...
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