Georgia State Bankruptcy Exemptions

Federal bankruptcy law allows for certain property to be excluded – or exempt from the bankruptcy estate. These are the possessions and property you’re allowed to keep in the event of filing bankruptcy.

In Georgia, exemptions to bankruptcy include:

• Medically prescribed health aids
• Public benefits such as: disability, local public assistance, unemployment, veterans benefits, and Social Security
• Crime victims’ compensation
• Workers’ compensation
• Pensions
• Alimony and child support
• 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

There are other exemptions and some federal supplemental exemptions. Your Atlanta bankruptcy lawyer can help you determine what qualifies for exemption under state and federal law.

If you have any questions about what you may be able to keep as an exemption, please consult an Atlanta bankruptcy attorney by filling out our free evaluation form.