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.
No one loses everything they own in bankruptcy, but you might be unable to keep all assets. You'll turn to bankruptcy exemptions to learn whether you will keep or lose property in Chapter 7 or whether you must pay to keep property in Chapter 13.
Bankruptcy exemptions protect particular property in both Chapters 7 and 13. In Chapter 13, you pay to keep any property you can't protect with a bankruptcy exemption.
Learn how Chapter 7 bankruptcy exemptions protect your property, allowing you to keep essential items like clothing, household goods, and a certain amount of equity in your home and car.
Some states permit the use of federal bankruptcy exemptions instead of their own state's exemptions. Determine if you qualify for the federal exemptions and which properties are protected.
Learn how Chapter 7 bankruptcy exemptions protect your property, allowing you to keep essential items like clothing, household goods, and a certain amount of equity in your home and car.
Bankruptcy exemptions protect particular property in both Chapters 7 and 13. In Chapter 13, you pay to keep any property you can't protect with a bankruptcy exemption.
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.
In addition to the bankruptcy exemptions, you might be able to take advantage of certain exemptions outside the bankruptcy code to help you protect your property when you file for bankruptcy. These exemptions are known as "federal nonbankruptcy exemptions."
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.
Find out about assets that you won't be able to exempt (protect) in bankruptcy.
No one loses everything they own in bankruptcy, but you might be unable to keep all assets. You'll turn to bankruptcy exemptions to learn whether you will keep or lose property in Chapter 7 or whether you must pay to keep property in Chapter 13.
Some states permit the use of federal bankruptcy exemptions instead of their own state's exemptions. Determine if you qualify for the federal exemptions and which properties are protected.
The motor vehicle exemption safeguards the equity in a car, truck, motorcycle, or van during Chapter 7 bankruptcy. Explore bankruptcy exemptions, reaffirmation agreements, and more to prevent losing your vehicle in Chapter 7 bankruptcy.
Find out the chances of losing a financed vehicle to repossession when you file for Chapter 7 and what you should do if you want to keep your car.
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