Episode 24: Bankruptcy Law Update: HB 1024 Takes Effect July 1

If you've been told you don't qualify for Chapter 7 bankruptcy because you have too much equity in your home, it may be time to take another look.

In this solo episode of Crashes, Claims & Clarity, attorney Darrell Burrow breaks down Georgia's new House Bill 1024 and explains how a major increase in the state's bankruptcy exemption limits could help more families qualify for bankruptcy protection beginning July 1, 2026.

Darrell explains the difference between federal bankruptcy law and Georgia's state-specific exemptions, why the law was changed, and how rising property values have impacted homeowners seeking financial relief.

This is important information for Georgia residents who have previously been denied Chapter 7 eligibility due to home equity concerns. In This Episode: • What bankruptcy exemptions are and why they matter • How Georgia's exemption laws differ from federal bankruptcy law • Details of House Bill 1024 and when it takes effect • The increase from $21,500 to $50,000 in protected home equity per person • How married couples may be able to protect up to $100,000 in equity • Why rising home values created the need for this change • Who should consider revisiting a previous bankruptcy analysis Key Takeaways Georgia's homestead exemption is increasing significantly on July 1, 2026. Individual homeowners may protect up to $50,000 in home equity. Married couples may be able to protect up to $100,000 in equity. Many people previously denied Chapter 7 bankruptcy may now qualify. A fresh review of your financial situation could reveal new options. Connect with Darrell Burrow If you have questions about bankruptcy, personal injury, workers' compensation, or other legal matters, contact Burrow & Associates. Website: Burrow & Associates Phone: 1-866-ATLANTA