Bankruptcy Law
April 22, 2020
Chapter 7 - Exempt Property Information
The Bankruptcy Trustee will review the values of your Personal and Real Property to determine whether they fall within one of the Legal Exemption Categories and valuations. For example, under Georgia Law, a single Debtor filing Bankruptcy may have a car worth $3,500 and that car would be exempt from being liquidated during the Bankruptcy. In other words, the single Debtor would be able to retain the car in Bankruptcy.
Review the chart below for specific items of Exemption and their values.
Chapter 7 - Exempt Property Chart
Description | Law | Max Individual Amount | Max Joint Amount |
|---|---|---|---|
Aid to the blind-100% | Ga. Code Ann. §§ 49-4-58, 49-4-35 | UNLIMITED | |
Alimony, support or maintenance | Ga. Code Ann. § 44-13-100(a)(2)(D) | UNLIMITED | |
Annuity and endowment contract benefits | Ga. Code Ann. § 33-28-7 | UNLIMITED | |
Assistance to the disabled-100% | Ga. Code Ann. § 49-4-84 | UNLIMITED | |
Benefits from fraternal benefits societies-100% | Ga. Code Ann. § 33-15-20 | UNLIMITED | |
Compensation for loss of future earnings | Ga. Code Ann. § 44-13-100(a)(11)(E) | UNLIMITED | |
Crime reparation awards-100% | Ga. Code Ann. § 44-13-100(a)(11)(A) | UNLIMITED | |
Disability, illness, or unemployment benefit - 100% | Ga. Code Ann. § 44-13-100(a)(2)(C) | UNLIMITED | |
Disposable Earnings | Ga. Code Ann. § 18-4-20 | UNLIMITED | |
Government benefits: social security, unemployment comp | Ga. Code Ann. § 44-13-100(a)(2)(A) | UNLIMITED | |
Group insurance | Ga. Code Ann. § 33-27-7 | UNLIMITED | |
Group/blanket accident and sickness insurance-$250 per month | Ga. Code Ann. § 33-30-10 | UNLIMITED | |
Health aids, professionally prescribed-100% | Ga. Code Ann. § 44-13-100(a)(10) | UNLIMITED | |
Household Furnishings limit $300 per item | Ga. Code Ann. § 44-13-100(a)(4) | $5,000 | $10,000 |
Industrial life insurance policy | Ga. Code Ann. § 33-26-5 | UNLIMITED | |
IRA - to extent reasonably necessary for support | Ga. Code Ann. § 44-13-100(a)(2)(F) | UNLIMITED | |
Jewelry | Ga. Code Ann. § 44-13-100(a)(5) | $500 | $1,000 |
Life insurance - unmatured-100% | Ga. Code Ann. § 44-13-100(a)(8) | UNLIMITED | |
Life insurance proceeds | Ga. Code Ann. § 44-13-100(a)(11)(C) | UNLIMITED | |
Life insurance proceeds | Ga. Code Ann. § 44-13-100(a)(11)(C) | UNLIMITED | |
Life insurance -unmatured-dividends | Ga. Code Ann. § 44-13-100(a)(9) | $2,000 | $4,000 |
Motor vehicles | Ga. Code Ann. § 44-13-100(a)(3) | $3,500 | $7,000 |
Old age assistance-100% | Ga. Code Ann. § 49-4-35 | UNLIMITED | |
Pension, annuity, etc. | Ga. Code Ann. § 44-13-100(a)(2)(E) | UNLIMITED | |
Pensions of public employees - 100% | Ga. Code Ann. §§ 47-2-332; 18-4-22; 44-13-100(a)(2)(E) | UNLIMITED | |
Personal injury payments | Ga. Code Ann. § 44-13-100(a)(11)(D) | $10,000 | $20,000 |
Proceeds of accident/sickness insurance-$250 per month | Ga. Code Ann. §§ 33-29-15, 33-30-10 | UNLIMITED | |
Produce, rents or profits from exempt property | Ga. Code Ann. § 44-13-18 | UNLIMITED | |
Real or personal property-homestead or burial plot | Ga. Code Ann. § 44-13-100(a)(1) | $10,000 | $20,000 |
Retirement And Pension Benefits | Ga. Code Ann. § 18-4-22 | UNLIMITED | |
Retirement benefits - District Attorney's | Ga. Code Ann. § 47-12-101 | UNLIMITED | |
Retirement benefits - Firemen | Ga. Code Ann. § 47-7-122 | UNLIMITED | |
Retirement benefits - Legislators | Ga. Code Ann. § 47-6-100 | UNLIMITED | |
Retirement benefits - Sheriff & Peace Officers | Ga. Code Ann. §§ 47-16-122, 47-17-103 | UNLIMITED | |
Retirement benefits - State, county, city employees | Ga. Code Ann. §§ 47-2-332, 47-5-71 | UNLIMITED | |
Retirement benefits - Teachers, public school employees | Ga. Code Ann. §§ 47-3-28, 47-4-120, 47-3-26 | UNLIMITED | |
Retirement -Judges/court employees | Ga. Code Ann. §§ 47-11-91, 47-14-91 | UNLIMITED | |
Retirement/Pension plan-undistributed funds | Ga. Code Ann. § 44-13-100(a)(2.1) | UNLIMITED | |
Tools of trade | Ga. Code Ann. § 44-13-100(a)(7) | $1,500 | $3,000 |
Veterans' benefits-100% | Ga. Code Ann. § 44-13-100(a)(2)(B) | UNLIMITED | |
Wages of deceased state employee - $250 | Ga. Code Ann. § 34-7-4 | UNLIMITED | |
Wildcard-$600 + unused homestead exemption amount | Ga. Code Ann. § 44-13-100(a)(6) | UNLIMITED | |
Worker's Compensation-100% | Ga. Code Ann. §§ 34-9-84, 49-4-84 | UNLIMITED | |
Wrongful death payments | Ga. Code Ann. § 44-13-100(a)(11)(B) | UNLIMITED |