Georgia State Exemption List
Federal Bankruptcy laws outline what type of exemptions are allowed when filing bankruptcy. Certain states, however, have created their own state exemption list and will not allow you to use the federal exemption list, still others will allow you to choose between the federal and state exemption list.
In the state of Georgia, you have to use the Georgia State Exemption list.
The goal of exemptions is to allow you to keep enough personal assets to be able to start over after you file personal bankruptcy. Certain states also may have additional residency requirements to use their state exemption list. It is important to talk to a Georgia Bankruptcy Attorney to determine what types of exemptions you will have.
The table below will outline in general terms the Georgia State exemptions for personal property. Not all of your assets will have matching exemptions.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
Real or personal property, including co-op, used as residence to $5,000; unused portion of homestead may be applied to any property. |
44-13-100(a)(1) |
| Insurance |
Annuity and endowment contract benefits |
33-28-7 |
| |
Disability or health benefits to $250 per month |
33-29-15 |
| |
Fraternal benefit society benefits |
33-15-20 |
| |
Group insurance |
33-30-10 |
| |
Industrial life insurance if policy owned by someone you depend on, needed for support |
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) |
Personal Property |
Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $200 per item, $3,500 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 |
44-13-100(a)(11)(E) |
| |
Motor vehicles to $1,000 |
44-13-100(a)(3) |
| |
Personal injury recoveries to $7,500 |
44-13-100(a)(11)(C) |
| |
Wrongful death recoveries needed for support |
44-13-100(a)(11)(B) |
| Pensions |
Employees of non-profit corporations |
44-13-100(a)(2.1)(B) |
| |
ERISA-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) |
| Miscellaneous |
Alimony, child support needed for support |
44-13-100(a)(2)(D) |
| Wages |
Minimum 75% of earned but unpaid wages for private and federal workers; bankruptcy judge may authorize more for low-income debtors |
18-4-20, 18-4-21 |
| Wildcard |
$400 of any property |
44-13-100(a)(6) |
| |
Unused portion of homestead exemption, of any property |
44-13-100(a)(6) |
| Tools of the Trade |
Implements, books and tool of trade to $500 |
44-13-100(a)(7) |
| 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 |
There are certain debts such as deeds of trust, taxes. And mortgages which will not be discharged by filing bankruptcy. Failure to pay these debts will allow the lender the right to pursue legal debt collection efforts.