The Georgia bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Georgia. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Georgia you may also use certain federal exemptions in addition to your Georgia exemptions.
Realproperty, including co-op, used as residence to $21,500 ($43,000 if the property is solely owned by one spouse); up to $5,000 of unused portion of homestead may be applied to any property
Annuity and endowment contract benefits
Disability or health benefits to $250 per month
Fraternal benefit society benefits
Industrial life insurance if policy owned by someone you depend on, needed for support
Life insurance proceeds if policy owned by someone you depended on, needed for support
Unmatured life insurance contract
Unmatured life insurance dividends, interest, loan value or cash value to $2,000 if beneficiary is you or someone you depend on
Alimony, child support needed for support
Employees of non-profit corporations
Other pensions needed for support
Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $200 per item, $3,500 total
Burial plot, in lieu of homestead
Jewelry to $500
Lost future earnings needed for support
Motor vehicles to $1,000
Personal injury recoveries to $7,500
Wrongful death recoveries needed for support
Aid to blind
Aid to disabled
Crime victims' compensation
Local public assistance
Old age assistance
TOOLS OF TRADE
Implements, books and tool of trade to $500
Minimum 75% of earned but unpaid wages for private and federal workers; bankruptcy judge may authorize more for low-income debtors
$400 of any property
Unused portion of homestead exemption, of any property