Bankruptcy Exemptions

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Bankruptcy Overview and other Bankruptcy topics.

What Are Bankruptcy Exemptions?

Bankruptcy Exemptions

Certain property (or the equity therein) may be exempt from forced inclusion in a petition for bankruptcy. Federal laws specify some assets that may be protected. However, most states also have a list of real and personal property that may be exempt from forced liquidation. In most jurisdictions, the petitioner may choose which exemptions he/she wants to use (state or federal). Some examples of exempted property: qualified pension plans, unemployment compensation, some equity in your personal home (homestead), some equity in your automobiles, “tools of the trade” a debtor needs to work, social security, cash value of insurance policies, and often most personal property and household goods.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Bankruptcy Tip Site? Request a Tip Now!


Guru Spotlight
William Pirraglia
Buy My Book