07 LC
25 4691
Senate
Bill 133
By:
Senators Tarver of the 22nd, Brown of the 26th, Ramsey, Sr. of the 43rd, Fort of
the 39th and Thomas of the 2nd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 44-13-100 of the Official Code of Georgia Annotated, relating
to homestead exemption from levy and sale for purposes of bankruptcy and
intestate insolvent estates, so as to change certain provisions relating to
maximum amounts of exemptions; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 44-13-100 of the Official Code of Georgia Annotated, relating to
homestead exemption from levy and sale for purposes of bankruptcy and intestate
insolvent estates, is amended by revising the introductory language and
paragraph (1) of subsection (a) as follows:
"(a)
In lieu of the exemption provided in Code Section 44-13-1, any debtor who is a
natural person may exempt, pursuant to this article, for purposes of bankruptcy,
the following property:
(1)
The debtor´s aggregate interest, not to exceed
$10,000.00
$50,000.00
in value, in real property or personal property that the debtor or a dependent
of the debtor uses as a residence, in a cooperative that owns property that the
debtor or a dependent of the debtor uses as a residence, or in a burial plot for
the debtor or a dependent of the debtor. In the event title to property used
for the exemption provided under this paragraph is in one of two spouses who is
a debtor, the amount of the exemption hereunder shall be
$20,000.00
$100,000.00;"
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.