Understanding Exemptions and How They Work
Understanding Exemptions and How They Work
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Bankruptcy Exemptions - What Do I Keep When I File For Bankruptcy?
Bankruptcy exemptions determine what you get to keep during and after bankruptcy, including your home, car, retirement account, or personal belongings. But you'll have to comply with exemption rules. Learn more.
Federal Exemptions
Federal Exemptions
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Some states allow bankruptcy filers to use federal bankruptcy exemptions to protect property in bankruptcy instead of state bankruptcy exemptions. Find out if your state allows you to choose.
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Federal Nonbankruptcy Exemptions
Almost all states have a set of exemptions that you can use to protect property in bankruptcy. If you choose to use the state exemptions, you can also use the federal nonbankruptcy exemptions.
Types of Bankruptcy Exemptions
Types of Bankruptcy Exemptions
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If you file for Chapter 7 bankruptcy, whether you can keep your home depends, in large part, on your state's homestead exemption.
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The Motor Vehicle Exemption in Chapter 7 Bankruptcy
Most states let you protect or “exempt” some equity in your car, van, truck, or motorcycle using the motor vehicle exemption. You can keep the car in Chapter 7 bankruptcy if you can exempt its equity and meet other requirements.
Valuing Your Property
Valuing Your Property
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How to Value Personal Property in Bankruptcy
Learn how to calculate the value of property when completing Schedule A/B: Property and discover how property values affect whether you lose or pay for assets in Chapters 7 and 13.
Bankruptcy Exemption Q&As
Bankruptcy Exemption Q&As
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Will I Lose My Checking or Savings Account if I File Bankruptcy?
Whether you can keep your savings, checking, or other bank accounts in bankruptcy will depend on whether you can cover the balance with a bankruptcy exemption. If not, you'll likely lose it. Learn why.
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What Happens to Investment Real Estate in Bankruptcy?
If you own property that you don't use as a residence, you might lose it if you file for Chapter 7 bankruptcy.
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If you file for Chapter 7 bankruptcy, whether you can keep your home depends, in large part, on your state's homestead exemption.
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How to File Bankruptcy and Keep Your Car
Whether you keep your vehicle in bankruptcy will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy, whether you’re behind on your car payment, and whether you can protect all of the vehicle equity with a bankruptcy exemption.
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Bankruptcy Exemptions - What Do I Keep When I File For Bankruptcy?
Bankruptcy exemptions determine what you get to keep during and after bankruptcy, including your home, car, retirement account, or personal belongings. But you'll have to comply with exemption rules. Learn more.
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Will I Lose My Checking or Savings Account if I File Bankruptcy?
Whether you can keep your savings, checking, or other bank accounts in bankruptcy will depend on whether you can cover the balance with a bankruptcy exemption. If not, you'll likely lose it. Learn why.
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Is Your Pension and 401(k) Exempt in Bankruptcy?
If you have a pension or other retirement plan and you file for Chapter 7 bankruptcy, you can probably exempt at least some of your pension and protect it from the bankruptcy trustee.
