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Are you buried in debt? Are you constantly being harassed by creditors? Have you received a notice of foreclosure?

Filing for bankruptcy can help you put an end to all of these problems. At Jeff Field & Associates, our lawyers...


Bankruptcy Blog Post

Georgia Bankruptcy Exemptions You Need to Know

Although bankruptcy follows federal legal guidelines for the most part, certain aspects differ based on state laws. In Georgia, for example, state law dictates that certain items are considered exempt property. These exemptions may or may not match federal exemptions.

Chapter 7 and Chapter 13 exemptions

Although Chapter 7 bankruptcy is what people most commonly associate with the need to sell off property to repay debt, Chapter 13 bankruptcy also requires the sale of certain items. No matter which form of bankruptcy you choose, it’s important to consider what you may have to liquidate and whether you would be better off adhering to federal or state guidelines for exemptions.

Under Georgia bankruptcy law, the following property is considered exempt:

  • Up to $21,500 in real estate equity ($43,000 if married and property is owned only by one spouse)
  • Up to $5,000 in motor vehicle equity
  • Household items and personal possessions valued up to $300 per item and $5,000 total, including:
    • Clothes
    • Appliances
    • Furniture
    • Books
    • Musical instruments
    • Animals and crops
    • Health aids
    • Lost future earnings and wages
    • Retirement accounts
    • Public benefits
    • Anything deemed necessary for you to work
    • Alimony and child support
    • Certain kinds of insurance

If you are uncertain which set of exemptions would best protect your property while still allowing you to complete bankruptcy proceedings separately, contact our office. We can explain everything clearly and lead you down the right path to personal financial recovery.

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