Monday, June 4, 2012

Georgia increases homestead exemption

On May 2, Governor Deal signed a bill that more than doubled the value that a bankruptcy debtor can exempt for his or her home in Georgia. The exemption available is now $21,500, up from the previous amount of $10,000, and a married debtor can still exempt double that amount -- $43,000. Georgia's bankruptcy exemption amounts for one's home are still low compared the amounts available in other states, but this is a much more meaningful amount.