In addition to the bankruptcy exemptions, you may be able to take advantage of certain other exemptions found outside the bankruptcy code to help you protect your property when you file for bankruptcy.
Exemptions play an important role in both Chapter 7 and Chapter 13 bankruptcy. Depending on the type of bankruptcy you file, they can determine the amount of property you get to keep or how much you must pay unsecured creditors through your bankruptcy. In addition to state exemption systems, there are also federal bankruptcy and nonbankruptcy exemptions.
Filing for bankruptcy doesn’t mean that you have to give everything you own to your creditors. Exemptions allow you to protect a certain amount of property in bankruptcy. Below, you will find answers to some of the most commonly asked questions about bankruptcy exemptions. For more information on how
If you are considering filing for bankruptcy, doing some pre-bankruptcy planning can maximize your exemptions and increase the amount of property you get to keep. Exemption planning can range from timing your bankruptcy filing to converting your nonexempt assets into exempt ones.