What Property Is Exempt in Bankruptcy?

Chapter 7 Homestead Exemption

If you file for Chapter 7 bankruptcy, whether you can keep your home depends, in large part, on your state's homestead exemption.

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.

How to Use the Wildcard Exemption in Bankruptcy

The wildcard exemption in Chapter 7 and 13 bankruptcy provides a way to protect more of your assets from liquidation during bankruptcy. The exemption allows you to protect property not generally covered under other exemptions.

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.

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.

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.

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.

401k Retirement Accounts and Bankruptcy

For the most part, your 401(k) and other qualified retirement accounts (such as 403(b)s, profit-sharing and money purchase plans, IRAs, and defined-benefit plans) are safe in bankruptcy. Learn more.

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.

Can You Keep Your Retirement Accounts in Bankruptcy?

Under most circumstances, you can keep your retirement accounts, such as 401ks and IRAs, if you file for Chapter 7 bankruptcy. However, for some accounts, the protected amount may be capped.

Are Household Goods and Furniture Exempt in Bankruptcy?

In most cases, you can use state or federal exemptions to keep most or all of your household goods and furniture when you file for Chapter 7 bankruptcy.

How Are Utility Bills Treated in Bankruptcy?

You can discharge outstanding utility bills in Chapter 7 bankruptcy and repay a portion of past-due bills in Chapter 13 bankruptcy. However, a utility deposit might be required. Learn more.

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.

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.