What is Exempt when Filing Bankruptcy?

There are many exemptions on property when filing for bankruptcy.  If you are filing Chapter 7 you can keep all of that property.  There are exemptions under state and federal law, however, federal law is usually more permissive.

Here is a list of the Federal Exemptions:

*Home equity up to $16,500

*Car equity up to $2,575

*Household goods-$425 per item up to a total of $8,625

*Job related tools, books, etc… up to $1,625

*Any property up to $850, plus any unused equity in your home up to $8,075

*You have the right to receive your social security, unemployment, VA benefits, welfare and pensions regardless of the amounts

All of these exemption amounts double when a married couple files together.

If you have questions about filing bankruptcy, you should give us a call.  We are here to help. We specialize in helping people file for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.  We can help you understand your legal rights and options. Filing for bankruptcy is never an easy decision.  Call Sacramento Bankruptcy Attorney Michael Noble for your options: 916.473.7855.