Paulding County, Dallas GA Bankruptcy Lawyer – GEORGIA’S AMENDED EXEMPTIONS PROVIDE ENHANCED PROTECTION OF A PRINCIPAL RESIDENCE
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.
Posted on May 16, 2012, in Bankruptcy and tagged 44-13-100, amended, Attorney, attorneys, Bankruptcy, bankruptcy exemptions, Bartow, Brian Cahn, Calhoun, Cartersville, Chapter 13, Chapter 7, Chattooga, Dallas, Dalton, Georgia, Gordon, homestead, Lawyer, Murray, new, North Georgia, Paulding, Polk, protect, residence, Rome, Whitfield. Bookmark the permalink. Leave a comment.