Georgia bankruptcy laws are different from the laws in the other states of America. There are more than a dozen bankruptcy courts in Georgia, categorized in three parts as Georgia middle district bankruptcy court, Georgia Northern district bankruptcy court, and Georgia southern district bankruptcy court.
Properties Exemptible Under The Georgia Bankruptcy Laws
Following are the specific ways in which the properties exemptions have been interpreted under the Georgia bankruptcy laws:
•Homestead exemptions amount for to five thousand dollars. It includes all types of properties, such as real properties, personal properties, and co-op that you are using as residence.
•If is any portion of the homestead property has not been used they can be applied to any other property.
•Under the insurance exemptions, disability or health benefits are exempted only up to the value of 250 dollars, on a monthly basis under the Georgia bankruptcy laws.
•Other insurance exemptions include fraternal benefits, society benefits, un-matured life insurance contract, etc.
•You can also exempt the dividends, interest, and loan on any un-matured life insurance policy, where you are the beneficiary.
•All types of alimony or child support funds are also exemptible under miscellaneous properties.
•Pension funds are allowed to be exempted for the following:
◦Public employees
◦Employees of non-profit corporations
•ERISA-qualified benefits are also included in the pension fund exemptions under the Georgia bankruptcy laws.
•Jewelry up to the value of five hundred dollars is exemptible.
•Motor vehicles are exempted under the Georgia bankruptcy laws, but only up to the value of one thousand dollars.
•You can also exempt personal injury recoveries, but the amount must not exceed seventy-five hundred dollars.
•Musical instruments also come under exemptible personal properties, where the amount must not exceed two hundred dollars per item.
•Other exemptible personal properties under the Georgia bankruptcy laws include books, clothing, animals, crops, home appliances etc. The amount exemptible in this case is thirty-five hundred dollars or less.