Q: In chapter 7 can a person exempt his primary residence?
A:
Hello. Yes, every state allows exemptions, usually up to a certain amount of equity (the value of the residence minus any debt secured by the property). In Georgia, a homestead exemption of $21,500 is available or $43,000 for a joint case to those who qualify as residents under the applicable statutes. Similar exemptions are available under federal law. Selecting appropriate exemptions can be tricky, and in a Chapter 7 case property can be sold by a trustee if value exceeds available exemptions, so it is always advisable to consult an experienced attorney.
Wishing you the very best,
Jeff Narmore
A: Yes, to a certain degree. Also depends on whether you’re using federal or state exemptions.
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