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.
|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
|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.