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 Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (678) 915-2634

First Free
Appointment




    Disclaimer Privacy Policy

    I have read the Disclaimer and Privacy Policy

    Our Client Reviews

    Gingold & Gingold LLC
    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 and they know what they are doing. Would definitely recommend!

    All C.

    Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

    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 trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    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 pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    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 debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Sherard W.

    I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

    Write a review