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Judgment Exemptions

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snappy1

Junior Member
What is the name of your state? GA

Very simply, bankrupcty allows you to claim exemptions up to a certain dollar amount on various assets and items.

Q - Are there exemptions allowed the same or a similar way for property in the case of a judgement being awarded to creditor? (w/ no or dismissed BK) if so how is this worked out.
 


JETX

Senior Member
snappy1 said:
Are there exemptions allowed the same or a similar way for property in the case of a judgement being awarded to creditor? (w/ no or dismissed BK) if so how is this worked out.
Below are the JUDGMENT exemptions for Georgia, they may or may not match the bankruptcy ones:

Homestead: Real property, including co-op up to $5,000. Unused homestead may be applied to any property.

Pensions and Retirement Benefits: ERISA-qualified retirement plans, plans for public employees and non-profits, and Social Security benefits. Other pensions and retirement benefits and annuity payments (including IRA exemptions for conventional, SEP and SIMPLE plans) exempt only to extent needed. Distributions limited to amount necessary for support of debtor and dependents, but undistributed balance is fully protected. Warning: A Georgia court has held that protection does not extend to self-funded IRAs.

Insurance: Annuity and endowment benefits. Disability or health benefits to $250 per month. Fraternal society benefits. Life insurance proceeds if needed for support. Unmatured life insurance dividends, up to $2,000 in dividends, interest or loan value, if debtor or dependent is the insured.

Personal Property: Burial place. Jewelry to $500. Motor vehicles to $3,500. Personal injury recoveries to $10,000. Wrongful death recoveries. Animals, crops, clothing, books, household goods, musical instruments to $200 per item, $5,000 maximum.

Tools of Trade: Tools and implements up to $1,500.

Miscellaneous: Alimony. Support and separate maintenance exempt to extent needed for debtor's or dependents' support.

Wages: Minimum 75% of earned but unpaid wages for private and federal workers. State employees'/officials' salaries totally exempt from claims relating to liability incurred in scope of government employment while responding to emergency.

Public Benefits: Workers' compensation. Unemployment compensation. Veteran's benefits. Aid to blind and disabled. Crime victim's compensation. Local public assistance. Old-age assistance. Social Security.

Wild Card: $400 of any property; and unused portion of homestead exemption.
 
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snappy1

Junior Member
Thanks Jet! thats what I want to know..

I wonder where I can find that little section in the Georgia code now.

Any idea what Title?
 

JETX

Senior Member
snappy1 said:
Thanks Jet! thats what I want to know..

I wonder where I can find that little section in the Georgia code now.

Any idea what Title?
Sorry about that!! I have edited my previous post to properly include the information on GEORGIA!!
 

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