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

If you file for Chapter 7 bankruptcy, you will most likely be able to exempt (protect) some equity in your car, van, truck, motorcycle, or other motor vehicle. If you can exempt enough equity, you'll be able to keep your car.

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. This particular exemption allows you to protect property that is not normally covered under other exemptions. Here's how the wildcard exemption works.

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. Find out which state exemption laws will apply in your bankruptcy case, or whether you can choose the federal bankruptcy exemptions instead.

How to File Bankruptcy and Keep Your Car

No one wants to lose a car in bankruptcy. Keeping your vehicle in bankruptcy will depend on the following: whether you file for Chapter 7 or Chapter 13 bankruptcy, if 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?

If you file for Chapter 7 or Chapter 13 bankruptcy, will you be able to keep your savings, checking, or other bank accounts? The answer depends on what you mean by "keeping." While most banks won't close an account in good standing, you'll have to cover the balance with a bankruptcy exemption. Otherwise, you'll likely lose it. Other bankruptcy checking and savings account issues include losing funds to setoff and difficulties opening new accounts after a bankruptcy filing.

401k Retirement Accounts and Bankruptcy

If you file for Chapter 7 or Chapter 13 bankruptcy, what happens to your 401(k) account? 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

Is Your Pension Exempt in Bankruptcy?

If you have a pension 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?

If you are behind in your utility payments and file for bankruptcy, you can discharge the outstanding bills in Chapter 7 bankruptcy and repay outstanding bills through your repayment plan if you file for Chapter 13 bankruptcy

How to File Bankruptcy and Keep Your Car

No one wants to lose a car in bankruptcy. Keeping your vehicle in bankruptcy will depend on the following: whether you file for Chapter 7 or Chapter 13 bankruptcy, if 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.