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Bankruptcy Chapter 7 Exemptions

When filing for bankruptcy, Chapter 7 exemptions can be confusing. Each individual state has rules about what assets you can and cannot keep. There are also Federal exemption statutes that must be followed. The Federal exemptions allow you to keep a certain amount of equity in your home, a life insurance policy, any pensions or retirement benefits you receive, any child support or alimony payments you receive, and a little over $10,000.00 in household goods. You may also keep jewelry, as long as its value is not more than $1,350.00. A car or other motor vehicle may be exempt as long as it is not worth more than $3,225.00. If you require a certain type of tool to work with, you may keep these as well as long as their value is not over $20,200.00. There are other bankruptcy Chapter 7 exemptions you should be aware of, but these are the main ones.

Fast Facts

  • Federal bankruptcy exemptions for Chapter 7 cases also allow consumers to keep payments for any lost earnings.

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