Bankrutpcy exemptions play a large role in both Chapter 7 and Chapter 13 bankruptcy. It's important to know what property is exempt in your state. Below you'll find articles on the most common bankruptcy exemptions in each of the 50 states.
Bankruptcy Exemptions: An Overview
Bankruptcy exemptions play a big role in both Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, exemptions help determine how much of your property you get to keep.
Which Exemptions Can You Use in Bankruptcy?
The amount of property you can protect in a Chapter 7 bankruptcy and what you must pay certain creditors in a Chapter 13 are both determined by the exemptions you claim in your case.
The Federal Bankruptcy Exemptions
Federal law sets forth a list of exemptions to be used in bankruptcy, called the federal bankruptcy exemptions. Bankruptcy exemptions allow you to keep a certain amount of property in a Chapter