Georgia, Statutes of limitations on debt and exemptions for garnishment and bankruptcy

Georgia STATE LAW

WAGE GARNISHMENTS:

MAXIMUM INTEREST RATE:

– Legal: 7% Judgment: 12%
– Commercial Accounts: 18%

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit cards): 4 years
– Written Contract: 6 years
– Domestic Judgment: 7 years
– Foreign Judgment: 5 years

BAD CHECK LAW DAMAGES:

– Double damages up to $500 plus a service charge of $20 or 5%, whichever is greater

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Code of Georgia Annotated)

– Cannot claim federal exemptions, but can claim federal non–bankruptcy exemptions
– The State of Georgia exempts the property and income below from seizure by the bankruptcy court to pay creditors

Real Estate:

– Real or personal property used as a residence up to $5,000; unused homestead exemption may be applied to any property [44–13–100(a)(1) and 44–13–100(a)(6)]

Personal property:

– Appliances, animals, books, clothing, crops, furnishings, household goods, musical instruments, up to $200 per item and up to $3,500 total [4–13–100(a)(4)]
– Jewelry up to $500 [44–13–100(a)(5)]
– Implements, books or tools of trade up to $500 [44–13–100(a)(7)]
– Health aids, unlimited amount [44–13–100(a)(10)]
– Burial plot (in lieu of real estate exemption) [44–13–100(a)(1)]
– Personal injury recoveries up to $7,500 but not for pain and suffering [44–13–100(a)(11(D)
– Lost future earnings, amount needed for support [44–13–100(a)(3)]
– Motor vehicles up to $1,000 [44–13–100(a)(3)]
– Wrongful death recoveries, amount needed for support [44–13–100(a)(11)(B)]

Insurance / Annuities:

– Annuity and endowment benefits, unlimited amount [33–28–7]
– Disability or health benefits to $250 per month [33–29–15]
– Fraternal society benefits, unlimited amount [33–15–62]
– Group insurance, unlimited amount [33–30–10]
– Industrial life insurance proceeds if policy needed for support, unlimited amount [33–26–5]
– Life insurance proceeds if policy needed for support, unlimited amount [44–13–100(a)(11)(C)]
– Unmatured life insurance contract, unlimited amount [44–13–100(a)(8)]
– Unmatured life insurance dividends, interest, loan value or cash value up to $2,000 [44–13–100(a)(9)]

Pensions / Retirement Plans:

– All pensions or retirement benefits, unlimited amount [18–4–22, 44–13–100(a)(2)(E) and 44–13–100(a)(2.1)(C)]
– Public employees, unlimited amount [44–13–100(a)(2.1)(A) and 47–2–332]
– Employees of non–profit corporations, unlimited amount [44–13–100(a)(2.1)(B)]

Public Benefits/ Entitlements:

– Veterans' benefits, unlimited amount [44–13–100(a)(2)(B)]
– Workers' compensation, unlimited amount [34–9–84]
– Aid to aged, blind and disabled, unlimited amount [49–4–25, 49–4–58 and 49–4–84]
– Crime victims' compensation, unlimited amt [44–13–100(a)(11)(A)]
– Local public assistance, unlimited am [44–13–100(a)(2)(A)]
– Social security, unlimited amt ]44–13–100(a)(2)(A)]
– Old age assistance; unemployment compensation, unlimited amount [44–13–100(a)(2)(A)]

Wages:

– 75% of earned but unpaid wages [18–4–20 and 18–4–21]

Miscellaneous:

– Alimony and child support, amount needed for support [44–13–100(a)(2)(D)]; any property up to $400, plus any unused portion of the real estate exemption [44–13–100(a)(6)]