Exempt Property. Although bankruptcy is a federal law, it has certain features defined by individual states. Exempt property is one of the state-defined aspects of the law. Find the best Bankruptcy Law on Yelp: search reviews of 62 Jersey City businesses by price, type, or location. Bankruptcy requires 40 months residency in homestead. Georgia: $21, $43, Georgia Code Ann. § (a)(1) & (a)(6), Real or personal property, including co-op, used as residence to $21, ($43, if married, and the property is solely owned by one spouse); up to $5, of unused portion of homestead may be applied to any.