Legal Question in Bankruptcy in Georgia

Is anything exempt in a Bankruptcy?

I may end up on the losing end of a Federal Civil Suit with a judgment against me.

I live in Ga and my only assets are a house which I own and it is paid for and a 5 yr old car and minor cash in the bank.

I am in poor health, 61 yrs of age and wonder if the house will have to be sold to pay for any judgement or if it might be exempt for a judgement as such homes are in Florida.

So what do you get to keep, if anything, if/when you go bankrupt because of an adverse ruling in a civil suit where damages are awarded to the other side?


Asked on 3/30/07, 8:20 am

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Is anything exempt in a Bankruptcy?

In a bankruptcy in Georgia a person can exempt $10,000 equity in a home and $3,500 in a vehicle. Cash would usually fall under the miscellaneous exemption, which is $600.

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Answered on 3/30/07, 8:22 am
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Is anything exempt in a Bankruptcy?

Your exemption in a residence is $10,000, not close to Florida's exemptions, so a home owned free and clear is certainly in play in or out of bankruptcy. If the creditor gets a judgment lien prior to Bankruptcy, you essentially do not own the home free and clear any longer. Specific questions about what you get to keep, etc., need to be evaluated after a review of your overall financial situation, including the specific nature of the judgment. With a federal lawsuit and a lot of money and property at stake, you will not be best served by a Bankruptcy lawyer or firm that relies on cookie cutter volume, or advertising the lowest price. You'll get the service you pay for -- possibly good advice on why NOT to file for Bankruptcy.

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Answered on 3/30/07, 8:31 am


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