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Committee advances bill to raise Georgia's homestead bankruptcy exemption
Summary
A House committee voted to advance LC443365, which would raise Georgia's homestead bankruptcy exemption from $21,500/$43,000 (individual/joint) to $50,000/$100,000, with witnesses urging smaller increases or indexing to federal levels to protect creditors and local vendors.
Representative Hong introduced LC443365 on the committee floor, saying Georgia's homestead bankruptcy exemption has not been updated in a decade and that rising home values make an increase appropriate. The bill would raise the individual exemption to $50,000 and the joint exemption to $100,000.
Jason Petty, a bankruptcy trustee and attorney,…
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