Can someone explain this to me?

[nervous1]

[lrprn]

So what does this mean?:

**Homesteads:
•The exemption for a homestead is limited to $125,000 if the property was acquired within the previous 1215 day (3.3 years). The cap is not applicable to any interest transferred from a debtor's previous principal residence (which was acquired prior to the beginning of such 1215-day period) ;
•The value of the state homestead exemption is reduced by any addition to the value brought about on account of a disposition of nonexempt property made by the debtor (made with the intent to hinder, delay, or defraud creditors) during the 10 years prior to the bankruptcy filing.**

You didn't say where you found this extra homestead exemption information. I did a quick search of the typical GA exemption sites and didn't see this included. Is it from the GA bk statute itself?

[nervous1]

I found it online. And, yes, I believe it's from the statute itself. If I find the link again, is it okay to post here?

[lrprn]

I found it online. And, yes, I believe it's from the statute itself. If I find the link again, is it okay to post here?

I did the search and found this same exact homestead text on sites that refer to multiple states, not just GA. It's located on sites that were making interpretations about the new 2005 bk law right after it passed but hadn't gone into effect yet, that's all.

Looking at all the GA-specific bk exemptions sites, what appears to matter in GA is the $10K single filer / $20K married joint filers homestead limit. That's all that's ever mentioned.

If you are planning to file with a lawyer and haven't retained one yet, this is a great question to ask during your 3-4 free initial consultations. If you have retained a lawyer already, then ask your lawyer to be certain. If you intend to file without a lawyer, then if your local court is one that's ok helping pro se filers (not all are) you can go online or call and ask this question as well.

Here's the best GA-specific site I found that explains in an easily understood way how the GA exemptions work - http://www.atlanta-bankruptcy-attorn...xemptions.html . Be sure to click on the "maximizing your Georgia bankruptcy exemptions" link included here too for a more detailed explanation of how the GA homestead exemption works with other GA exemptions too.