The Georgia Legislature passed House Bill 1024, which seeks to raise the present bankruptcy homestead exemption from $21,500 per person/$43,000 per married couple up to $50,000 per  person/$100,000 per married couple. Our firm has advocated for this increase for years.  The homestead exemption in bankruptcy allows a homeowner to protect the equity in their residence when they file a bankruptcy case, provided the equity is within the limits of the exemption. The bill is awaiting the
governor’s signature, which is expected to occur on July 1, 2006. The bill was sponsored in the house by Soo Hong, Matt Reeves, and Rob Leverett. It was sponsored in the Senate by Marty Harbin. The passage of this bill represents years of effort by the representatives to assist Georgia homeowners in protecting their homes after encountering financial difficulty.

We look forward to assisting homeowners who are seeking bankruptcy protection, knowing that the available protection for the equity in their homes has increased, which will enhance their accessibility to the relief that the Bankruptcy Court can provide.