Bankruptcy Exemptions
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.
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Bankruptcy Exemptions: An Overview
Bankruptcy exemptions play a big role in both Chapter 7 and Chapter 13 bankruptcy.
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Answers to common questions about bankruptcy exemptions.
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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.
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What Is Exemption Doubling in Bankruptcy Law?
If you are married and file a joint bankruptcy petition with your spouse, you may be entitled to double certain exemptions on your assets.
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How to Maximize Your Bankruptcy Exemptions
Consider ways you might maximize your bankruptcy exemptions so you can protect more of your property in bankruptcy.
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Exemptions in Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Exemptions cover the equity you have in certain types of property and assets to protect it from creditors.
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Exemptions in Chapter 13 Bankruptcy
Bankruptcy exemptions help to determine how much debt you will need to repay in a Chapter 13 bankruptcy plan. Here's how it works.
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The Federal Bankruptcy Exemptions
Some states allow you to use the federal bankruptcy exemptions rather than your state's exemptions. Find out if you can use the federal exemptions and what property is protected.
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The Federal Nonbankruptcy Exemptions
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.
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What Is the Difference Between Federal Bankruptcy and Nonbankruptcy Exemptions?
Learn about the federal bankruptcy exemptions and the federal nonbankruptcy exemptions, and when you can use them.
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Federal Bankruptcy Exemptions for Lawsuit Awards and Settlements
Find out if you can exempt (protect) a lawsuit award or settlement if you file for bankruptcy in a state that allows you to use the federal exemption laws.
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Chart: States That Have Wildcard Exemptions in Bankruptcy
Most bankruptcy exemptions allow you to protect a specific item or type of property in bankruptcy.
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The Homestead Exemption in Bankruptcy
The homestead exemption in bankruptcy protects your home equity from creditors in a Chapter 7 bankruptcy and helps reduce your payments in a Chapter 13 bankruptcy.
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What Is a Motor Vehicle Exemption in Bankruptcy?
Most states allow citizens to keep a modest vehicle when filing for bankruptcy.
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What Is Nonexempt Property in Bankruptcy?
Find out about assets that you won't be able to exempt (protect) in bankruptcy.
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Keeping Nonexempt Property in Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, the bankruptcy trustee can liquidate your nonexempt assets and distribute the proceeds to your creditors.
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Bankruptcy Exemptions: An Overview
Bankruptcy exemptions play a big role in both Chapter 7 and Chapter 13 bankruptcy.
-
The Federal Bankruptcy Exemptions
Some states allow you to use the federal bankruptcy exemptions rather than your state's exemptions. Find out if you can use the federal exemptions and what property is protected.
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What Is the Difference Between California Bankruptcy Exemption System 1 and 2?
Learn about the major differences between the two lists of exemptions you can use to protect property if you file for bankruptcy in California.
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What Is a Motor Vehicle Exemption in Bankruptcy?
Most states allow citizens to keep a modest vehicle when filing for bankruptcy.
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The Motor Vehicle Exemption: Can You Keep Your Car in Chapter 7 Bankruptcy?
The motor vehicle exemption helps you keep your car, truck, motorcycle, or van in Chapter 7 bankruptcy by protecting equity in a vehicle.
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If You Are Behind in Your Car Payments, Can Chapter 7 Help?
Chapter 7 bankruptcy itself does not provide a way to catch up on overdue car payments.
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