What Property Is Exempt in Bankruptcy?
One of the biggest questions people have about filing for Chapter 7 bankruptcy is: Will I be able to keep my property? The answer to that question most often depends on whether that property is exempt by federal or state law. In Chapter 13 too, bankruptcy exemptions play a role -- they determine the minimum amount you must pay to unsecured creditors through your Chapter 13 plan. This amount can mean the difference between a successful Chapter 13 and being unable to fund a plan.
Below we discuss bankruptcy exemptions for certain types of property. If you are worried about your home, car, expensive jewerly, everyday clothing, retirement accounts, or something else, this is the place to start.
And if you want to learn about exemptions in general -- how they work, whether you can use the federal exemptions, which state exemptions you can use, exemption amounts in your state, and more -- check out our Bankruptcy Exemptions topic area.