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Bankruptcy Exemptions

Bankruptcy exemptions refer to certain types of property or amounts of assets that debtors are entitled to keep, despite the existence of bankruptcy proceedings. While certain exemptions are governed by federal law, and thus remain consistent from state to state, other exemptions do vary widely according to state law, so it is important to become familiar with the laws of your state before assuming that a particular asset will be exempt should you file for bankruptcy. For instance, debtors typically are allowed to retain assets whose value is under a certain level, as well as personal property items such as furniture and clothing. A debtor is always allowed to keep property that falls under applicable federal and state bankruptcy exemptions, no matter the amount of debts owed, or the types of debts owed.

Fast Facts

    Less than 9% of bankruptcy filers have not suffered a divorce, a job loss, or a serious medical condition.
  • The highest bankruptcy filing rates are in the states of Tennessee, Utah, Alabama, and Georgia.

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Results 1-5 of 1199 for "bankruptcy exemptions"

  • Making the Most of Bankruptcy Exemptions

    What will I be able to keep after I file bankruptcy? This is a common question asked by most people considerin...
    • Site: bankruptcylawfirms.com
    • 7 of 8 user(s) found this useful

  • Bankruptcy Exemptions in Arizona

    Bankruptcy can be a life-changing decision, in many ways.  It can not only alleviate debt and give the filer a...
    • Site: bankruptcylawfirms.com

  • Bankruptcy Exemptions in California

    Bankruptcy is a difficult option for anyone to choose. However, in California there is more to consider becaus...
    • Site: bankruptcylawfirms.com
    • 1 of 1 user(s) found this useful

  • Bankruptcy Exemptions in Nevada

    Those filing for Chapter 7 bankruptcy relief in the state of Nevada must follow the state statutes to determin...
    • Site: bankruptcylawfirms.com
    • 1 of 1 user(s) found this useful

  • Bankruptcy Exemptions in New York

    Both federal and state exemptions exist to protect some forms of personal property from liquidation under Chap...
    • Site: bankruptcylawfirms.com

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Law Offices of Robert Higgins

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Los Angeles, CA 90017

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Encino, CA 91436

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