Georgia Bankruptcy Exemptions
The chart below contains a summary of Georgia state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Georgia bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Georgia Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| Georgia Homestead | Real property or personal property (including a co-op) used as residence to $10,000; to $20,000 if married Note: up to $5,000 of unused portion of homestead may be applied to any property | 44-13-100(a)(1); 44-13-100(a)(6) |
| Wages | Minimum 75% of earned but unpaid weekly disposable earnings, or 30 times the state or Federal hourly minimum wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors. | 18-4-20; 18-4-21 |
| Automobile | Up to $3,500 | 44-13-100(a)(3) |
| Other property | Group insurance | 33-30-10 |
| Alimony and child support needed for support | 44-13-100(a)(2)(D) | |
| Animals, crops, clothing, appliances, books, furnishings, household goods, and musical instruments up to $300 per item, $5,000 total | 44-13-100(a)(4) | |
| Jewelry up to $500 | 44-13-100(a)(5) | |
| Implements, books, and tools of trade up to $1,500 | 44-13-100(a)(7) | |
| Wildcard | $600 of any property | 44-13-100(a)(6) |
| Unused portion of homestead exemption to $5,000 | 44-13-100(a)(6) |
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Georgia bankruptcy court statutes.
Back to all State Bankruptcy Exemptions
Go to Complete State of Georgia bankruptcy exemptions laws.
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