Bankruptcy Exemptions
Learn about bankruptcy exemptions and how they protect your property from creditors.
Exemptions play an important role in both Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankrkuptcy, exemptions help determine which property you get to keep. In Chapter 13 bankruptcy, exemptions help determine how much you'll have to pay to your unsecured creditors, which can mean the difference between a confirmable plan and getting knocked out of Chapter 13.
Below you can learn how exemptions work, which exemption scheme you can use, and what property is exempt in your state.
Here's an overview of bankruptcy exemptions.
Which bankruptcy exemptions you can use depends on where you reside.
In Chapter 7 bankruptcy, exemptions play a large role in determining what property you get to keep.
Bankruptcy exemptions help to determine how much debt you will need to repay in a Chapter 13 bankruptcy plan.
Consider ways you might maximize your bankruptcy exemptions so you can protect more of your property in bankruptcy.
Learn about federal bankruptcy and nonbankruptcy exemptions, and find out if you can use them in your state.
Some states allow you to use the federal bankruptcy exemptions rather than your states exemptions. Learn how it works.
If you use state exemptions, you can supplement with the federal nonbankruptcy exemptions.
Learn about the federal bankruptcy exemptions and the federal nonbankruptcy exemptions, and when you can use them.
Here's a rundown on some of the most important exemptions available to you in bankruptcy.
Learn how the homestead exemption works and find information on the homestead exemption in your state.
Learn about the motor vehicle exemption and find the motor vehicle exemption amount in your state.
Find articles on specific types of property exemptions.
Each state has it's own set of exemptions and rules about using the federal bankruptcy exemptions.
Find the common exemptions in your state.
If property is not in your bankruptcy estate, you keep it whether it's exempt or not.
Find out what property is in your bankruptcy estate.
Some property is not part of your bankruptcy estate.
The bankruptcy trustee cannot sell your exempt property to pay child support debts, but your child support creditors may be able to get your exempt property.
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