An Introduction to Bankruptcy Exemptions

Figuring out which bankruptcy exemptions to use and how to use them is one of the most challenging parts of filing for bankruptcy. It’s difficult because bankruptcy law is a confusing mixture of federal and state law. From bankruptcy exemptions concerning your estate to specific state ‘wildcard’ exemptions, this article explains the various bankruptcy exemption that might be available to you.

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Federal Bankruptcy Exemptions

Though federal bankruptcy law allows states to opt out of most federal exemptions, a few apply in all jurisdictions. The most important are the pensions exemptions listed in this article. These exemptions are found in 11 U.S.C.’522 and can be used by anyone who is qualified to file bankruptcy in a state that allows its residents to use the federal exemptions, or by anyone who doesn’t qualify under residency requirements to use state exemptions.

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Bankruptcy Exemption Definitions

Bankruptcy law and what bankruptcy exemptions might be available can be complex and in order to better understand the process it helps to be familiar with some bankruptcy definitions. For example, a ‘wildcard’ when talking about bankruptcy exemptions is an exemption you can apply to property. There may also be bankruptcy exemptions for equity in a motor vehicle. Click here for more information on Bankruptcy exemption definitions.

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