What the Homestead Exemption in Georgia Means
August 26, 2021
The market is crazy right now. Some people are selling their homes for unbelievable gains, while others are still struggling to make payments. The worldwide COVID-19 pandemic has affected every area of life for just about everyone on the planet. Many people are still without jobs, a steady income, and a way to provide for their families. If you are one of the many facing financial challenges, your main goal is probably to keep your home at all costs. Your home is where your family has put down roots and created memories, and it would be an emotional loss to have to give it up.
For many people, bankruptcy is the best solution for homeowners who are facing foreclosure. By contacting a bankruptcy lawyer in Georgia, you can determine whether or not you will be able to save your home. Perhaps you can save some of the equity in your property if you cannot keep your home.
The good news is that you may have an option under the homestead exemption.
Georgia Homestead Exemption
Homestead exemptions have been enacted to reduce the burden of ad valorem taxation for Georgia homeowners. Homestead exemptions are available to all homeowners who occupy the property as of January 1 of the application year. Property owners must not receive a homestead exemption on any other property, including properties in other Georgia counties or other states.
Under the Georgia exemption system, homeowners can exempt up to $21,500 of their home or other property covered by the homestead exemption. If a person and his or her spouse file bankruptcy together, they will be exempt up to $43,000. You can also apply $10,000 of any unused portion of the homestead exemption towards any property you own. Equity is the value of your home that exceeds the mortgage. These amounts cannot be turned over to creditors.
Facing severe financial problems can be overwhelming. Should you consider bankruptcy as a way to get back on track? George R. Belche, Attorney at Law, will give you an honest answer to that question. You do not have to go through this alone. For a free initial consultation to discuss your financial situation, contact us online today.
George R. Belche, Attorney at Law
189 West Pike Street, Suite 103
Lawrenceville, GA 30046