Jun 11, 2026 · 4 min · 5 segments
If you've been told you don't qualify for Chapter 7 bankruptcy because you have too much equity in your home, it may be time to take another look. In this solo episode of *Crashes, Claims & Clarity*…
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I have a very important public service announcement with regard to bankruptcy law and bankruptcy law here in Georgia with a significant change.
When you file, you're filing a, a federal case and, um, going to a federal court.
But there are certain parts of that federal law that says that the courts can opt out of that federal law and use its own state's laws.
For example, no one is gonna come and take your clothing or your household goods.
Well, uh, Georgia has opted out of the federal exemptions, and we have our own state law with regard to those exemptions.
One of the exemptions that is changing, and this is House Bill 1024, uh, that was signed by the governor, it's going into effect on July 1 of this year, 2026, and what it does is increase greatly the amount of equity that you can exempt in your real estate.
It is going to $50,000 per person, which you and a spouse each could take 50, that means $100,000 of equity you can exempt and protect.
Now, that's important because real estate values have increased greatly over the last two to four years, and if you've engaged anyone and gone through an analysis of whether or not you could qualify for a Chapter 7, you may have been told that you do not qualify because you have too much equity in your real estate.
Uh, so it's something that if you need to take another look at, please engage my law firm.
We'll be happy to look at those numbers, do an analysis, analysis for you and see if you qualify at this time using those new exemption figures.
I have a very important public service announcement with regard to bankruptcy law and bankruptcy law here in Georgia with a significant change.
When you file, you're filing a, a federal case and, um, going to a federal court.
But there are certain parts of that federal law that says that the courts can opt out of that federal law and use its own state's laws.
For example, no one is gonna come and take your clothing or your household goods.
Well, uh, Georgia has opted out of the federal exemptions, and we have our own state law with regard to those exemptions.
One of the exemptions that is changing, and this is House Bill 1024, uh, that was signed by the governor, it's going into effect on July 1 of this year, 2026, and what it does is increase greatly the amount of equity that you can exempt in your real estate.
It is going to $50,000 per person, which you and a spouse each could take 50, that means $100,000 of equity you can exempt and protect.
Now, that's important because real estate values have increased greatly over the last two to four years, and if you've engaged anyone and gone through an analysis of whether or not you could qualify for a Chapter 7, you may have been told that you do not qualify because you have too much equity in your real estate.
Uh, so it's something that if you need to take another look at, please engage my law firm.
We'll be happy to look at those numbers, do an analysis, analysis for you and see if you qualify at this time using those new exemption figures.
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