Included among exempt property may be a home, a car, literature, and even family heirlooms. The allowable values under each exemption differ from state to state based on the costs of the specific property in that state. The quantity of the exemption is based on the property's value as determined by you and your attorney. When you list your personal property on the bankruptcy, you will designate a value - the worth of the property. Keep in mind that a trustee will be reviewing this, so be as accurate as feasible.
Your attorney will be knowledgeable about exemptions and state statutes governing exemptions. Consult an attorney if you have any concerns about whether a property is exempt. If you want to review the entire text of all bankruptcy statutes for your state, you can find the statutes for exemptions on the bankruptcy website or the state website for the majority of states.
New Hope Software is the bankruptcy software utilized by the majority of attorneys I've worked with. This and other bankruptcy software provide a simple method for selecting, editing, adding, or removing exemptions that an attorney may require for each client. Your bankruptcy software will also provide the complete bankruptcy exemption statute with limits and descriptions to make it simpler for your attorney to choose, thus providing you with the most up-to-date information to keep as many of your personal belongings as possible as you file for bankruptcy. In addition, you have immediate access to online resources regarding exemptions and your right to use them in bankruptcy.
In addition to each state establishing its own exemptions, the federal government has a set of exemptions under Title 11, Chapter 5, Subchapter II (11 U.S.C. 522). Some states permit the use of Federal Exemptions, while others do not. Consult your attorney for more information on the exemptions that will work best in your case, as the categories and values of your property will determine which exemptions will be most advantageous.
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