Bankruptcy exemptions are rules that exempt certain types and amounts of property from being sold or used to satisfy the claims of debtors in your bankruptcy case. Each state has a set of bankruptcy exemptions that you can use to protect your property while going through bankruptcy.

Federal law also provides a set of bankruptcy exemptions. Your state’s law will determine whether you can choose the federal bankruptcy exemptions, or if you must use your state’s bankruptcy exemptions. But if your state’s law allows you to choose between the two sets of bankruptcy exemptions, you must choose one or the other, and cannot choose exemptions from both your state and the federal exemptions.

In Georgia, bankruptcy exemptions play a crucial role in determining which assets a debtor can protect from creditors during a bankruptcy case. Georgia has its own set of bankruptcy exemptions that residents are required to use; it does not allow debtors to choose the federal bankruptcy exemptions. These state exemptions include specific amounts of equity in a debtor's home, motor vehicle, personal property, retirement accounts, and public benefits, among others. For example, the homestead exemption in Georgia allows an individual to exempt up to $21,500 of equity in their home or other property covered by the homestead exemption. It's important for debtors in Georgia to understand these state-specific exemptions as they navigate the bankruptcy process, as they can significantly impact which assets can be retained. Debtors should consult with an attorney to ensure they are making the most of the exemptions available to them under Georgia law.