Georgia Bankruptcy Exemptions

Bankrutpcy Articles » Georgia Bankruptcy Exemptions

Filing Bankruptcy in Georgia

Federal bankruptcy laws allows for certain exemptions to bankruptcy estates. These are assets you are allowed to keep in the event of filing bankruptcy.

When you file bankruptcy in Georgia, possible exemptions include:

• Interest in real or personal property, or in a co-operative that owns property, that used as a residence, or a burial plot valued up to $10,000 ($20,000 for married couples filing jointly)
• Up to $3,500 equity value in a motor vehicle
• Personal property including: animals, crops, clothing, household furniture, appliances, good, clothes, and musical instruments up to $300 each piece and $5,000 combined total value
• Jewelry up to $500 total value
• Up to $1,500 in tools of the trade or professional books used in your profession
• Medically prescribed health aids
• Public benefits such as: disability, local public assistance, unemployment, veterans benefits, and Social Security
• Alimony and child support
• Pensions
• Crime victims' compensation
• Workers' compensation

There are other exemptions and some federal supplemental exemptions. It may even be possible to save your car or home. Your bankruptcy attorney can help you determine what qualifies for exemption under state and federal law, and can help show you how to file bankruptcy in Georgia.