Bankruptcy Exemptions in Georgia
Alpharetta Bankruptcy Attorney Explains What Property You Can Keep in Bankruptcy
Many clients wonder if they will lose everything if they file for bankruptcy. They want to know if they can keep their houses, cars, retirement funds, and various personal property items. The good news is that a substantial portion of these types of property is safe in a Chapter 7 under state exemption law. When you file for bankruptcy, it is important to have the assistance of a knowledgeable Alpharetta lawyer to ensure that you retain the maximum property to which you are entitled.
At The Law Offices of Daniel W. Mitnick & Associates, P.C., we will do everything we can to thoroughly examine your situation and create a personalized strategy that allows you to keep as much of your property as possible. We have more than 25 years combined experience and a history of success for our clients. Our firm is 100% focused on you, and you can rely on us to help you navigate through the process with compassionate guidance and sound legal advice.
Bankruptcies are filed in federal court. While many states allow debtors to choose between federal and state exemptions, in Georgia, debtors are only allowed to use state exemptions. The following may be exempted:
- Real property up to $21,500 (up to $43,000 if you are married, whether or not your spouse is filing) — unused portion up to $5000 may be applied to other property
- Clothing, furniture, appliances, books, instruments, animals, household goods, and crops, up to $300 per item — total may not exceed $5,000
- Motor vehicles up to $3,500
- Jewelry up to $500
- Recoveries for personal injury up to $10,000, future lost earnings up to $7,500, and wrongful death recoveries needed for support
- Any health aids
- Tools of trade up to $1,500
- Burial plot instead of homestead
Alimony and Child Support
- Any court-ordered support
- 30 times the state or federal hourly minimum wage; OR
- 75% of earned but unpaid earnings, whichever is greater
- Any tax exempt retirement accounts
- IRAs and Roth IRAs up to $1,171,150
- ERISA IRAs and qualified benefits
- Other pensions and IRA payments needed for support; public and nonprofit corporation employees
- Social Security, unemployment compensation, Veterans’ benefits, crime victims’ compensation, local public assistance
- Workers’ compensation
- Aid to the blind or disabled
- Old age assistance
- Disability or health benefits up to $250 per month
- Life insurance proceeds
- Annuity and endowment contract benefits
- Fraternal benefits society benefits
- Group insurance
There is also a “wildcard” exemption of $600 that can be applied to any property.
Why You Need a Bankruptcy Attorney to Help You
Bankruptcy law, including Chapter 7 exemptions, can be very complex and confusing. Our firm has been helping clients out of overwhelming debt and into a brighter financial future for more than 25 years. Our experienced Alpharetta attorney can assess your property and help you keep the maximum amount allowable under law. Without an attorney, you risk losing valuable assets.
Contact The Law Offices of Daniel W. Mitnick & Associates, P.C.
Our team of dedicated legal professionals is committed to the best possible outcome for our clients. We are fully prepared to help you handle your financial issues. Contact us to get started on your way to future financial stability.