Skip to main content
(678) 915-2634 Contact Us
Understanding the Homestead Exemption in Bankruptcy Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Understanding the Homestead Exemption in Bankruptcy

House with White Picket Fence

If you are facing financial challenges, one of the main assets that you will likely want to keep at all costs is your home. When the time, money and heart that goes into a home is too much to just walk away from, you should carefully consider all your options.

Bankruptcy is often the best approach for homeowners who are facing foreclosure. A mountain of debt can become overwhelming. Taking the step to consult with a bankruptcy lawyer in Georgia will help you determine whether or not you are able to save your home, or at least some of the equity in the property.

The good news is, you may have the option of saving your home under what is known as the homestead exemption.

Homestead Exemption, Georgia

In the State of Georgia, an individual property owner is allowed a homestead exemption of up to $21,500. In the case a couple filing bankruptcy, the exemption limit increases to $43,000. The homestead exemption is based on how much equity you own in the property.

A couple who has $40,000 equity in a home worth $150,000 are within the exemption allowance and would have an additional $3,000 available for use in another exemption, known as the wildcard. In this hypothetical scenario, there is a good chance that you would get to retain ownership of your home.

Unfortunately, having more equity in a home may not work out the way that you would hope. For instance, doubling the amount of equity would require sale of the property in order to use the money left after the exemption limit to pay debtors. In the example scenario, that means you get to keep the $43,000 and the other $37,000 goes toward repaying debts.

Gingold & Gingold

At Gingold & Gingold, we are passionate about helping our Georgia clients find solutions to getting out of debt. We understand that a lot of individuals and families are struggling financially due to COVID-19 and other unforeseen issues.

Call our offices today if you are worried about losing your home and would like to explore the merits of filing for Bankruptcy in Georgia.

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634

Email: 

First Free
Appointment




    DisclaimerPrivacy Policy

    I have read the Disclaimer and Privacy Policy

    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional an

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepida

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pl

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my deb

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

    Write a review