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Bankruptcy Exemptions: Understanding Their Role before You File

Posted By Allmand Law Firm, PLLC || 14-Nov-2013


If you wonder how people are able to keep their assets when they go through bankruptcy, it is because they used exemptions provided through the bankruptcy code. Just because you are unable to pay your creditors doesn't mean you should be penalized by having all of your possessions being taken away from you.

People think this is the case, but understanding this in deeper detail before you file can help you get maximum protection for your assets. There are a few things about exemptions you should review with a bankruptcy expert to ensure you get the protection you need.

  1. There are two main types of exemptions including federal and state level.

  2. Exemptions provide protection for various types of assets such a house, vehicle, jewelry, and bank accounts.

  3. Exemptions offer different protection levels based on a specific amount. Such protection levels are known to vary from state to state, but you can learn what they are by reviewing your situation with an attorney. This is an important factor for debtors who may have or are considering moving from another state prior to their filing.

  4. Filing for protection allows you to keep assets you want as long as you provide complete and accurate details in regards to your property when you file.

  5. Leaving out information when you file may not allow you to get the protection you need or you run the risk of not getting debt discharged. If you hide details about an asset, you won't be able to have it legally protected, and it could be seized by the trustee. Disclose debts and assets honestly.


Categories: Bankruptcy
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