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 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.  

Standard Property Exemptions in Bankruptcy

Most people considering Chapter 7 bankruptcy want to know what they will be able to keep if they file for bankruptcy. For the most part, what you keep depends on what are called "bankruptcy exemptions."

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.

If I file for bankruptcy is my Social Security income exempt?

For the most part, your social security money is protected when you file for Chapter 7 bankruptcy. But not if you've mixed the money with other funds. Read on to learn more.

Are My Clothes Exempt in Bankruptcy?

Usually, your clothing is protected when you file bankruptcy. Most states have exemptions that either specifically protect your clothing, up to a certain value, or allow you to protect a certain amount of value in your clothing, household goods and personal effects combined.

Is My Jewelry Exempt in Bankruptcy?

Whether you can keep your jewelry in bankruptcy depends on whether you are filing a Chapter 13 or Chapter 7 case, and the exemptions that are available to you.

Tools of the Trade Exemption in Bankruptcy

If you own tools or other assets necessary for your business or trade, you may be able to protect them in bankruptcy with the tools of the trade exemption.

Senior Citizens and Bankruptcy: Are Retirement Funds Exempt?

Question: If a senior citizen files bankruptcy are retirement funds exempt?