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Chapter 7 Exemptions

When filing for bankruptcy, many people want to know what the Chapter 7 exemptions are. All states are a little different, but most of them will allow the following Chapter 7 exemptions. You are allowed to hold onto the equity in your home, or the amount of your homestead exemption if your state participates. Any insurance policies or pensions are Chapter 7 exemptions. If you receive government benefits such as Social Security or unemployment insurance, they are exempt and not included in your bankruptcy case. Federal benefits such as Veterans and Disability payments are also exempt. If you use certain tools in your work, they are Chapter 7 exemptions under bankruptcy laws. Wage earners are allowed to keep 75% or more of their salary as an exemption. Most states require that you live within their boundary lines for two years prior to filing for bankruptcy in order to claim Chapter 7 exemptions.

Fast Facts

  • Even though you are allowed to take exemptions and keep certain types of property, you will be appointed a trustee who will liquidate any of your assets that remain

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