HB 1024: Property; debtor's aggregate interest in real property or personal property used as a residence; revise exemption

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Discussed in meetings (16)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. House Judiciary Committee, February 9, 2026

   From 0:12:53 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1024 would raise the bankruptcy homestead exemption from $21,500 to $50,000 for an individual and from $43,000 to $100,000 for joint filers. The sponsor said rising home values and financial hardship make it harder for people to retain homes while resolving other debts. A bankruptcy trustee who also represents debtors supported an increase but proposed roughly $35,000 to $37,000 per person instead. The witness said sale expenses already protect additional equity and predicted that the proposed increase would sharply reduce distributions to creditors, including tax authorities, families owed support and local contractors. The witness also supported requiring both spouses to reside in the property to claim the marital exemption. Members asked about federal exemptions, inflation indexing and whether the change would prevent loss of homes. The witness said Georgia residents cannot use federal exemptions and emphasized repayment negotiations rather than foreclosure protection. The sponsor responded that trustees can force home sales unless debtors can fund settlements. The sponsor supported considering inflation indexing but retained the proposed amounts. The committee approved the bill by voice vote without adopting an amendment.

2. House Rules Committee, February 11, 2026

   From 0:27:56 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1024 would raise the bankruptcy homestead exemption to $50,000 for individual filers and $100,000 for joint filers, saying it had not been updated in more than 10 years. No members asked questions. Later, the committee agreed to return the bill to the Judiciary Committee, with no opposition voiced.

3. House Judiciary Committee, February 18, 2026

   From 1:32:29 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill, returned from Rules after earlier committee approval, would raise bankruptcy homestead exemptions from $21,500 to $50,000 for individuals and to $100,000 for joint debtors. The substitute added inflation adjustments beginning July 1, 2031. Asked how people would find future amounts, the sponsor said they could calculate them and suggested courts might publish them online. A bankruptcy trustee opposed the amounts and inflation indexing, arguing they would reduce payments to creditors and threaten trustees’ ability to administer cases. The trustee said about four homes were sold annually among roughly 1,200 assigned cases and that sale costs already required about $75,000 in equity for a single debtor’s home sale. Asked about alternatives, the trustee cited an earlier negotiated proposal of $35,000 and $70,000 without indexing. The sponsor disputed the claimed imbalance with personal property exemptions, described the increase as modest, and said the substitute addressed separated spouses by requiring the property to be both spouses’ primary residence. A member proposed raising the joint amount to $200,000, then withdrew it after the sponsor preferred $100,000 with indexing. The committee approved the substitute by voice vote, with no opposition heard.

4. House Rules Committee, February 25, 2026

   From 0:46:57 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1024 would increase the home equity people may protect in bankruptcy from $21,500 to $50,000 individually and from $43,000 to $100,000 for a jointly titled home. The sponsor said the amounts had not been updated for about 11 years and described the bill as primarily helping debtors who are current on their mortgages keep their homes. No questions followed. Later, the committee placed the bill on the current day's floor calendar without stated opposition.

5. House floor session, February 25, 2026 (legislative day 24)

   From 4:32:22 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 1570

   Summary by Georgia Commons: The sponsor said HB 1024 would raise the home-equity amount protected in bankruptcy from $21,500 to $50,000 for individuals and $100,000 for jointly titled homes. The sponsor said the amount had not been updated for at least 11 years and that higher protection would help people retain their homes. The sponsor also described annual inflation adjustments beginning July 1, 2031, while the initial increase would take effect when signed into law. Asked about renters, the sponsor said the bill affected home equity and would have no effect on renters. Another member noted unlimited protections in Texas and Florida, and the sponsor agreed that Georgia's proposal was more limited. Asked about public notice, the sponsor expected bankruptcy-court resources to reflect the change. The sponsor clarified that the bill would protect more homeowners, not increase home losses. The House adopted the committee substitute and passed the bill 170 to 0.

6. Senate Banking and Financial Institutions Committee, March 17, 2026

   From 0:36:24 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said HB 1024 would increase the home equity protected in bankruptcy from $21,500 to $50,000 for an individual and from $43,000 to $100,000 for joint ownership. The sponsor said Georgia's limits were relatively low compared with other states and had not been updated in more than 11 years. The bill would also adjust the limits for inflation, following the approach used for federal bankruptcy exemptions. One member supported the increase as help for struggling households and single parents. Asked about the state comparison chart, the sponsor said it showed individual limits and explained that joint limits would be twice that amount. Members also asked about Florida's unlimited exemption. The sponsor said acreage restrictions also apply and declined to explain why people move there, noting no experience practicing in Florida. The committee unanimously recommended passage.

7. Senate Rules Committee, March 19, 2026

   From 0:49:06 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would increase the home-equity exemption available in bankruptcy and add an index for future adjustments. The sponsor said the current exemption was $21,500, had not been updated for more than 11 years and ranked near the bottom among states. The proposed new amount was not stated. No questions or scheduling decision followed.

8. Senate Rules Committee, March 20, 2026

   From 0:37:25 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The presenter said the bill would raise the home equity protected in bankruptcy to $50,000 for an individual and $100,000 for a joint homestead. The presenter said current protections were $21,000 for an individual and $43,000 for a couple and had not been updated in 11 years. The presenter also said Texas and Florida had unlimited exemptions. A member later selected the bill for the floor calendar, which the committee approved unanimously.

9. Senate floor session, March 23, 2026 (legislative day 36)

   From 4:32:49 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Third Read)

   Summary by Georgia Commons: The presenter said HB 1024 would increase the amount of home equity protected in bankruptcy from $21,500 to $50,000 for an individual and from $43,000 to $100,000 for a joint homestead. The presenter said the limits had not changed in 11 years and were among the nation’s lowest. The presenter also described inflation adjustments beginning in July 2031 and cited several states with unlimited exemptions. No questions or opposing speeches followed. The Senate passed the bill 51-0.

• Read aloud: House floor session, January 28, 2026 (legislative day 8), 0:29:58
• Read aloud: House floor session, January 29, 2026 (legislative day 9), 0:53:22
• Read aloud: House floor session, February 10, 2026 (legislative day 16), 0:48:29
• Read aloud: House floor session, February 19, 2026 (legislative day 21), 1:07:19
• Read aloud: Senate floor session, February 26, 2026 (legislative day 25), 0:25:54
• Read aloud: Senate floor session, March 18, 2026 (legislative day 33), 0:29:22
• Read aloud: Senate floor session, March 19, 2026 (legislative day 34), 0:45:26

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