There are many people who still believe that bankruptcy means losing all of their possessions, financial assets, and wages. This, however, is not the case. A list of exemptions lay out the things you can retain. Bankruptcy is supposed to help with financial distress, not cause further troubles. Being granted any form of bankruptcy can change people's lives for the better and understanding exemptions can affect the entire bankruptcy process.
Exemptions vary from state to state, so it is important to understand your state's specific laws. The main groups exemptions fall into the following categories:
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Property - Some money toward automobiles, houses, and mortgages Savings - College savings, bonds, and trust funds Retirement - Pensions for most public service and military employees Business - Supplies and travel expenses, like specialized equipment, books, and gas Additional - Workers' compensation, unemployment, life insurance
The majority of these exemptions are limited to a certain value. For instance, in Wisconsin, only $1,200 may be applied toward a car, and only $40,000 is exempt from the sale of your home, and business expenses exceeding $7,500 will not be exempt.
Researching you state's bankruptcy laws is important before filing. Bankruptcy attorneys are busy during this economic down turn because they understand the complicated laws, and they can put their knowledge and experience to work for you. Exemptions are just one more reason for a person struggling with their finances to consider bankruptcy. It is refreshing to know that you won't lose everything in bankruptcy. Support and understanding will be key in restarting your financial life.
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