Legal Question in Credit and Debt Law in Georgia

Georgia has very limited exemptions outside of bankruptcy. You can exempt up to $5000 in personalty (car, furniture or anything other than cash) and $21,500 equity in any piece of real property used as a primary residence. You have to make an election between these limited exemptions and those for bankruptcy so if you are at all leaning towards bankruptcy or even thinking it might be an option at some point I would avoid the state constitutional exemptions.

What is your situation? Do you work? If so are you self-employed or a W2 employee? If the latter, then a maximum of 25% of your pay can be garnished. Do you have money in the bank? If so, I would get it out of there because a judgment creditor can go after it if there is a bank account in your name or you have one jointly with someone else. The only exception would be if you get Social Security or similarly exempt income. Do you own a car and is it owned free and clear?

Who is the credit card company? Who is the law firm? Many will settle even after judgment. But the odds of them doing so are reduced if they are garnishing your pay. How much is the judgment for? Do you have enough for roughly 50%-60% of the debt?

This is not really the forum to evaluate your case. Please contact me at [email protected] if you would like to discuss your case in more detail. Email consults are free.