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Georgia Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a bankruptcy case, your Georgia bankruptcy lawyers can use state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Georgia bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The Georgia bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the bankruptcy exemptions below are not an exhaustive list, therefore you should contact the Georgia bankruptcy lawyers at Legal Helpers to determine the other types of property that you own which may be exempt.

Homestead Exemption

This bankruptcy exemption can be used to protect up to $5,000 in equity in your home. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.

Motor Vehicle Exemption

Your bankruptcy lawyers can use this exemption to protect $3,500 in value of any one motor vehicle listed in your bankruptcy.

Household Furniture

This Georgia exemption allows your bankruptcy lawyers to protect up to $300 per item, with $5000 aggregate limit of your household furniture in items ranging from your kitchen table to your living room couch.

Life Insurance Proceeds Exemption

This exemption can protect up to 100% of the value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan Exemption

Your lawyers can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.

Tools of the Trade, Professional Books Exemption

This is a useful exemption that can be used to protect up to $1,500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Exemption

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Exemption

This exemption can help to protect 100% of compensation you receive under Georgia workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Georgia, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.