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Filing for Bankruptcy Protection in Georgia

Filing for Bankruptcy Protection in Georgia

A State-by-State Guide to Filing for Bankruptcy Protection: Georgia

Bankruptcy laws vary from one state to another. Here is a breakdown of Georgia bankruptcy guidelines to help you understand the differences when filing for Chapter 7  Bankruptcy vs. Chapter 13 Bankruptcy.

Georgia Bankruptcy Guidelines

A Georgia bankruptcy lawyer will probably begin your consultation by explaining the difference between Chapter 7 and Chapter 13 bankruptcy. This often includes what is called a “means test.” This involves asking some very personal questions about your assets, debts and your financial goals. The answers you provide to these questions will help you and your bankruptcy lawyer determine if filing Chapter 7 or Chapter 13 bankruptcy is right for you.

Chapter 7 bankruptcy is usually called “liquidation” because the bankruptcy trustees in Chapter 7 bankruptcy cases may opt to sell any non-exempt property the debtor owns. In many Chapter 7 bankruptcy cases, the debtor does not own any non-exempt assets, so no property is sold. Unsecured debts may be completely discharged in Chapter 7, making it an attractive bankruptcy option.

If you are filing Chapter 7 bankruptcy, find out from your Georgia bankruptcy lawyer which and how much of your assets may be exempt from liquidation.

Georgia State Bankruptcy Exemptions


* $10,000 for real or personal property, $20,000 if property owner is married.


* 75 percent of weekly earnings.


* Your interest in up to $3,500 in all motor vehicles.

Personal Property

* $1,500 for any implements, professional books, tools of the trade.
* Up to $300 in value in any one item.
* Up to $5,000 in household furnishings, good, clothes, appliances, books, animals, crops or musical instruments.
* $500 in jewelry.
* Certain retirement and insurance benefits may be fully exempt.

Note: Keep in mind all state bankruptcy laws and exemptions are complex. If you need legal advice or want to fully understand how Georgia laws affect you, please speak with an attorney in Georgia. State bankruptcy laws are subject to change at any time. For the latest information, read the full text of Georgia bankruptcy laws.

Links to Georgia Bankruptcy Lawyers:

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