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As found on at least 100 other places here...and allowed certain modifications (albeit minor overall) in different states.
Exemptions under Federal law, which may change a little in State applications by the Federal BK Courtyou file in:
Personal and Real Property: (1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, Musical Instruments) (2) Jewelry: Up to $1,075.00 (3) Vehicles: Up to $2,575.00 (4) Work tools (implements, books and tools of trade): Up to $1,625.00 (5) Health aides (wheelchair, etc.): Unlimited (6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption) (7) Real estate (house, co-op or mobile home): Up to $16,150.00 (8) Any property: Up to $8,075.00 of unused portion of real estate exemption Wages, Pensions, Recoveries and Benefits: (1) Wages: None (2) Wrongful death funds: Amount needed for support (3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss) (4) Lost earnings payments: Unlimited amount (5) Retirement benefits: Amount needed for support (6) Alimony / child support: Amount needed for support (7) Unemployment compensation: Unlimited amount (8) Veterans benefits: Unlimited amount (9) Social security benefits: Unlimited amount (10) Public assistance: Unlimited amount (11) Crime victims compensation: Unlimited amount Insurance: (1) Disability: Unlimited amount (2) Unemployment benefits: Unlimited amount (3) Unmatured life insurance: Unlimited amount (4) Life insurance policy loan value, dividends or interest: Up to $8,625 (5) Life insurance proceeds: Amount needed for support If you're doing a Chapter 7 bankruptcy, you can't discharge: * Taxes and tax liens * Student loans * Domestic support obligations (child support and alimony) * Luxury goods over $500 purchased within 90 days of filing * Fines or penalties of government agencies * Cash advances of more than $750 taken within 70 days of filing * Fraudulent debts * Willful or malicious injury to another * Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated * Condominium or cooperative association fees * Debts not listed on your schedules Debts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged.
Wiki User
∙ 14y ago
Wiki User
∙ 10y agoThere are certain exemptions from Chapter 7 bankruptcy. The aim of these exemptions is to protect certain assets. Exemptions vary by state, but most allow one to keep some property so one can make a fresh start.
Wiki User
∙ 10y agoThe exemptions for Chapter 7 bankruptcy are that exemptions help to determine which property one gets to keep. There are some exemption schemes one can use to stay out of bankruptcy.
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Are the stimulus checks exempt from the bankruptcy courts?
No...
Is it possible to exempt a tax refund in chapter 7 bankruptcy?
You can't "exempt" anything.
Is a living trust EXEMPT FROM BANKRUPTCY?
Sometimes, parts of a living trust can be exempt from bankruptcy such as exemptions for a homestead, but even that isn't always the case. How a living trust is treated in a bankruptcy varies depending on how the laws of the state treat this type of trust as a whole. Typically though, living trusts are not fully exempt from bankruptcy.
Section 522b of the US bankruptcy code Need to know if 401K is exempt of a petition of bankruptcy 7?
Generally, but the extent to which funds will be exempt depends on your jurisdiction. Check your local state bankruptcy exemptions.
Is there a bankruptcy estate if every asset is exempt?
Yes
If ss disability payments are exempt from a bankruptcy why would your disposable income change if the only added income was from the ss?
Is VA Disability income exempt from bankruptcy income claim?
Can you file bakrupcy on a civil judgment?
No, they are exempt from the bankruptcy laws.
Are annuities exempt in chapter 7 bankruptcy in Florida?
yes
What happens to 401k savings after bankruptcy?
Nothing they are exempt form seizure.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
Are series ee savings bonds exempt when filing chaper 7 bankruptcy?
As they are issued by the government, yes, the are exempt from Chapter 7.
When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
