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What are Bankruptcy Exemptions?

If you are thinking about going bankrupt then you really want to gain a clear understanding of what bankruptcy exemptions are. These dictate as to what property that you own now will still remain as yours. The exemption rules in Bankruptcy can be quite complex yet they are very important. You really will benefit by using an experienced Louisville bankruptcy attorney to help you with your bankruptcy action.

Exempt Assets

Knowing what you potentially get to keep or possibly can lose in your bankruptcy will help you to make some informed decisions. It is also important for you to remember that the bankruptcy laws are applied as they pertain to each individual case. All of your assets will be considered, and some of them may come under the various exemptions that are in place. When they do then it means they are not a part of your bankruptcy estate, and you get to keep them.

There are various types of bankruptcy such as the chapter 7 & 13. Depending on which of these you are eligible for, that dictates what exemptions will be available to you. In the Chapter 7 bankruptcy it is your assets that are liquidated in order to clear off as many as your creditors as possible. Each State has their own rules and regulations, as the exemptions. Your State may say that any vehicle that has a value of less than $10,000. is exempt from the bankruptcy. If your car is valued at this amount or under then it has become exempt and you will keep it.

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