Property; debtor's aggregate interest in real property or personal property used as a residence; revise exemption

Georgia debtors get more property protection

Georgia raises the amount of a debtor’s qualifying property interest protected from creditors from $21,500 to $50,000. This applies in bankruptcy and when settling estates without a will that cannot pay their debts. Covered property includes real or personal property used as a home by the debtor or a dependent, including cooperative residences. Burial plots for the debtor or a dependent also qualify. Protection rises from $43,000 to $100,000 when one debtor spouse holds title to both spouses’ primary home. Beginning July 1, 2031, both limits are revised annually using the prior year’s inflation rate. Georgia’s revenue commissioner sets a standard method reflecting living-cost inflation and deflation and can use federal price indexes.