Georgia, GA Bankruptcy Exemptions

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Georgia, GA Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All law references are to Georgia Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

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Georgia Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real or personal property, including co-op, used as a residence, up to $10,000 (up to $20,000 if married whether the spouse is filing or not). Unused portion up to $5,000 may be applied to any other property.	44-13-100
INSURANCE	Annuity and endowment contract benefits	33-28-7
	Disability or health benefits to $250 per month	33-29-15
	Fraternal benefit society benefits	33-15-62
	Group insurance	33-30-10
	Life insurance proceeds and availables.	33-26-5
	Life insurance proceeds if policy owned by someone you depended on, needed for support	44-13-100(a)(11)(C)
	Unmatured life insurance contract	44-13-100(a)(8)
	Unmatured life insurance dividends, interest, loan value or cash value to $2,000 if beneficiary is you or someone you depend on	44-13-100(a)(9)
MISCELLANEOUS	Alimony, child support needed for support	44-13-100(a)(2)(D)
PENSIONS	Employees of non-profit corporations	44-13-100(a)(2.1)(B)
	ERISA-IRAs and qualified benefits	18-4-22
	Public employees	44-13-100(a)(2.1)(A), 47-2-332
	Other pensions needed for support	18-4-22, 44-13-100 (a)(2)(E), 44-13-100(a)(2.1)(C)
	Tax exempt retirement accounts. Traditional IRAs and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $300 per item, $5,000 total	44-13-100(a)(4)
	Burial plot, in lieu of homestead	44-13-100(a)(1)
	Health aids	44-13-100(a)(10)
	Jewelry to $500	44-13-100(a)(5)
	Lost future earnings needed for support up to $7,500	44-13-100
	Motor vehicles to $3,500	44-13-100(a)(3)
	Personal injury recoveries to $10,000	44-13-100(a)(11)(C)
	Wrongful death recoveries needed for support	44-13-100(a)(11)(B)
	Any property up to $600 plus any unused homestead amount up to $5,000.	44-13-100
PUBLIC BENEFITS	Aid to blind	49-4-58
	Aid to disabled	49-4-84
	Crime victims’ compensation	44-13-100(a)(11)(A)
	Local public assistance	44-13-100(a)(2)(A)
	Old age assistance	49-4-35
	Social security	44-13-100(a)(2)(A)
	Unemployment compensation	44-13-100(a)(2)(A)
	Veterans’ benefits	44-13-100(a)(2)(B)
	Workers’ compensation	34-9-84
TOOLS OF TRADE	Tools, books, and implements of trade up to $1,500.	44-13-100
WAGES	For private and federal workers, either 40 times the state or federal hourly minimum wage or a minimum 75% of earned but unpaid earnings; whichever amount is greater. The judge may authorize more for low-income debtors.	18-4-20

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