What are Georgia homestead exemption laws regarding bankruptcy

Asked almost 6 years ago - Canton, GA

what protection from bankruptcy does a homestead exemption provide in ga?

Additional information

the GA exemption is $125,000 if property acquired within 1215 days and can be more if an
interest from debtor's previous principal residence that was acquired prior to the beginning of the 1215 day period.

This is what my research on the web has produced, but I am no lawyer. Athens, GA

Attorney answers (1)

  1. Sidney Joseph Diamond

    Contributor Level 12

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    Lawyer agrees

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    Answered . I am a Texas Lawyer and not licensed to practice in Georgia, however it appears from a quick review of the Gerogia exemption statutes that each spouse is entitled to a $5,000.00 homestead exeption, which would apply against the equity in the homestead. The equity difference, if any, would not be protected.
    Unfortuntely, Georgia is one of those states that is termed an "opt out state", which means a state that does not allow a debtor to use the federal exemptions if one files bankruptcy and is a resident of Georgia for exemption purposes.

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