In accordance with 11 U.S.C. § 522(b) of the Bankruptcy Code, certain states, including Georgia, allow an individual debtor to exempt real, personal, and intangible property from the property of the debtor’s estate. Exempt assets are protected by state law from liquidation and distribution to creditors. The exemptions allowed under Georgia state law are listed in section 44-13-100 of the Georgia Code. Under bankruptcy law, debtors are entitled to list the assets set forth in section 44-13-100 of the Georgia Code as exempt.
Deciding which assets are exempt and if and how you can protect these assets from your creditors can be one of the more important and difficult aspects of your bankruptcy case.
It is important to note that although you may be discharged from further personal responsibility for certain debt, a creditor will still have a lien or security interest in your secured property after you receive your discharge. Under 11 U.S.C. § 522(f) of the Bankruptcy Code, however, you are allowed to file a motion with the Court for an order avoiding certain kinds of liens or security interests in various property.