What Are the Georgia Bankruptcy Exemptions?
When an individual has decided to file for bankruptcy, they must take into consideration the different exemptions that will help them during the process. In Georgia, those exemptions are governed by a law known as Chapter 7 Bankruptcy Exemption Law. This article will provide an overview of what these exemptions are and how they can be used to help individuals who are filing for bankruptcy in Georgia.
The primary exemption that is available to Georgia residents is the homestead exemption, which allows individuals to protect up to $21,500 worth of real estate property or mobile homes from creditors. This means that even if an individual is filing for bankruptcy, they cannot have their home taken away from them as long as it falls under this amount.
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