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04 LC 34 0058
House Bill
1479
By: Representatives Mosby of the 59th, Post 3, Royal of the 140th, Bruce of the 45th, Stephenson of the 60th, Post 1, Dodson of the 84th, Post 1, and others
By: Representatives Mosby of the 59th, Post 3, Royal of the 140th, Bruce of the 45th, Stephenson of the 60th, Post 1, Dodson of the 84th, Post 1, and others
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 property exempt from seizure for purposes of
bankruptcy, so as to increase the amount of the homestead exemption for a
debtor´s
residence; to provide for an effective date and applicability; 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 property exempt from seizure for purposes of bankruptcy,
is amended by striking paragraph (1) of subsection (a) and inserting in its
place the
following:
"(1) The debtor´s aggregate interest, not to exceed$10,000.00 $25,000.00
in value, in real property or personal property that the debtor or a dependent
of the debtor uses as a residence, or 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
$50,000.00;"
"(1) The debtor´s aggregate interest, not to exceed
SECTION 2.
Said Code section is further amended by striking "and" at
the end of paragraph (10), by inserting "; and" in lieu of the period at the end
of paragraph (11), and by adding a new paragraph (12) in subsection (a) to read
as
follows:
"(12) The debtor´s aggregate interest, not to exceed $10,000.00 in value, 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."
"(12) The debtor´s aggregate interest, not to exceed $10,000.00 in value, 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."
SECTION 3.
This Act shall become effective on July 1, 2004, and shall
only be applied to cases filed on or after that date.
SECTION 4.
All laws and parts of laws in conflict with this Act are
repealed.