What are some common property exemptions in Chapter 7?

A Chapter 7 bankruptcy is referred to as a straight bankruptcy or complete liquidation.  If you do not own substantial assets and have a lot of debt, a Chapter 7 is a good choice because yourunsecured credit card debt and medical bills will be discharged, and you can still keep exempt assets, as long as they fall within the exemption values.  In a Chapter 7, your non-exempt assets are sold to pay off your creditors.  Common property exemptions under Chapter 7 bankruptcy that you may claim when file your petition, include equity in your personal residence, your automobile, retirement accounts up to a certain value, jewelry, tools of trade, burial plots, spousal and child support,  household goods, clothing and other misc. personal property exemptions that may be available under state laws and/or federal bankruptcy laws.  The federal laws may not be used in all states.  In a Chapter 7, your assets are sold to pay off your creditors.  There are certain debts that cannot be discharged under any bankruptcy Chapter which include spousal and child support payments that you may owe under a divorce decree, student loans, taxes, debts regarding personal injury caused by you as a result of intoxication or drug use, debts regarding embezzlement, larceny or fraud, and criminal fines and penalties.  You should speak with a bankruptcy attorney regarding your state's property exemptions under Chapter 7.  

A bankruptcy attorney is an expert at state and federal bankruptcy laws and procedures. The attorney can advise you under which bankruptcy Chapter to file depending on your financial situation. The attorney can prepare your bankruptcy petition and other bankruptcy documents, and represent you in court.