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Committee approves larger homestead exemptions with delayed indexing after trustees warn of creditor impact
Summary
The committee voted to increase bankruptcy homestead exemptions to $50,000 (individual) and $100,000 (joint) with indexing beginning in five years; bankruptcy trustees and experts warned the change could reduce creditor recoveries and strain trustee participation, but sponsor argued the increase is modest and includes safeguards.
House Bill 1024, proposing to raise Georgia’s bankruptcy homestead exemption for individual debtors to $50,000 and joint debtors to $100,000 and to begin an inflation index on July 1, 2031, passed the Judiciary Committee after extended testimony and debate.
Sponsor Representative Holly said the exemption has not been increased in about 11 years and that the proposed figures include a five‑year…
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