Paulding County, Dallas GA Bankruptcy Lawyer – GEORGIA’S AMENDED EXEMPTIONS PROVIDE ENHANCED PROTECTION OF A PRINCIPAL RESIDENCE

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By: Brian R. Cahn

The Georgia legislature FINALLY amended the bankruptcy exemption statute – O.C.G.A. § 44-13-100 et. seq., to increase the amount of equity that a bankruptcy debtor can protect in bankruptcy.

The amendment is effective immediately.

Under the prior law, an individual debtor could exempt up to $10,000 equity in his or her principal residence, but a married debtor could exempt up to $20,000.

Under the amended statute, an individual debtor may exempt up to $21,500 equity, and a married debtor may exempt up to $43,000.

Here’s a link to the new statute: http://www.legis.ga.gov/Legislation/en-US/display/20112012/SB/117

The impact of this amendment will be profound: We will see fewer chapter 13 cases filed, and more “no asset” chapter 7 cases.

For a free consultation to discuss your opitions under chapter 7 or chapter 13 of the Bankruptcy Code, call us today: (770) 382-8900

Perrotta, Cahn & Prieto represents clients throughout Georgia and the Southeastern United States.  We have offices conveniently located throughout Georgia.  To schedule a free consultation with a lawyer at our firm, call us toll-free at 866-382-8900 or visit us online at www.northgabankruptcy.com.

We have offices in: Cartersville, Calhoun, Dalton, Atlanta and Dallas

Serving clients in: Bartow, Floyd, Paulding, Cherokee, Polk, Whitfield, Douglas, Cobb, Fulton, Chatham, and all of Northwest Georgia.

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Posted on May 16, 2012, in Bankruptcy and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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