Bankruptcy Exemptions
Exemptions play an important role in both Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, 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.
Basics of Bankruptcy Exemptions
Basics of Bankruptcy Exemptions
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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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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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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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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.
How Exemptions Work
How Exemptions Work
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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.
Federal Bankruptcy & Nonbankruptcy Exemptions
Federal Bankruptcy & Nonbankruptcy Exemptions
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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.
Specific Types of Exemptions
Specific Types of Exemptions
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The Homestead Exemption in Bankruptcy
Learn how much home equity you can protect using the homestead exemption in bankruptcy and other requirements you must meet to keep a home in bankruptcy. All bankruptcy filers can keep a house if the homestead exemption protects all home equity. The Chapter 7 bankruptcy trustee will sell the home if the homestead exemption doesn't fully protect the home's equity. Chapter 13 filers can keep a home that isn't fully covered by the homestead exemption if they can afford to pay creditors the uncovered amount through the bankruptcy plan.
Keeping Nonexempt Property in Chapter 7 Bankruptcy
MoreKeeping Nonexempt Property in Chapter 7 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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Bankruptcy Exemptions: An Overview
Bankruptcy exemptions play a big role in both Chapter 7 and Chapter 13 bankruptcy.
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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 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.