Exemptions in Georgia Personal Bankruptcies

Exemptions are the types of property you are allowed to keep when filing for a personal bankruptcy, such as a Chapter 7 or Chapter 13. Georgia has its own set of exemptions for bankruptcy, which must be used when submitting your petition. A federal set of bankruptcy exemptions also exists, but Georgia is a state which does not allow these to be used. There are also federal non-bankruptcy exemptions which exist which can be used to protect such things as military retirement, federal retirement, and disability benefits. Those who are married and file joint bankruptcy can double the exemption amounts.

Typical exemptions in Georgia include a homestead exemption which consists of $21,500 of value in your owned residence; $3,500 of value in your car; $500 for jewelry; $5,000 value in household goods, furnishings, books, and appliances; $7,500 of compensation needed for support; wrongful death recoveries and $10,000 of personal injury recoveries; $1,500 for tools of the trade; $600 value for any property; as well as alimony, child support, Social Security benefits, workman's compensation, unemployment compensation, pensions and other retirement accounts, and insurance proceeds. Everyone's case is different so it is best to consult a bankruptcy attorney to ensure that your exemptions are in line with Georgia state laws.

Bankruptcy Lawyer in Gwinnett County, Georgia

Deciding whether or not to file a personal bankruptcy can be difficult. The first step is deciding to take action to handle your overwhelming debt in some manner, whether with a bankruptcy filing or through some other alternative method. The Fred P. Kross P.C., serving clients in and around Gwinnett County, can help you make an informed decision about what best suits your needs after first reviewing your situation and giving you the information you need.

Attorney Fred P. Kross has helped many clients stop wage garnishments, creditor harassment, foreclosures, and repossessions as well as giving them a fresh start and new financial control. He will work directly with you and your family, providing the personalized service that sets his firm apart. He offers valuable information about bankruptcy and bankruptcy alternatives at www.fredkrosslaw.com or you can contact his offices for a free consultation about your financial scene.