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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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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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 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.
-
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.
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