Each state has their own set of bankruptcy exemptions. Bankruptcy exemptions are used to allow the debtor to keep a certain amount of property, even when filing bankruptcy. Any other property that is not exempt is subject to selling (by the trustee) for funds to pay off the debtors creditors.
Exempt property can included any possible property, from house to car to books or family heirlooms. The values that are allowable under each exemption vary per state based on the costs of that particular property in that state. The amount of the exemption is based on the value you and your attorney assign to a piece of property. When you list your personal property on the bankruptcy, you will assign a value - how much the property is worth. Remember, a trustee will be reviewing this, so you want it to be as accurate as possible.
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Your attorney will be versed in the area of exemptions, and the rules within the statues of your state. If you have any questions about whether a property will be exempt, ask your attorney. Most states have their full statutes for bankruptcy exemptions listed on the bankruptcy website or at the state website, if you want to review the full text of all the bankruptcy statutes for your state.
The bankruptcy software that most attorneys, I have worked for, use New Hope Software. This, and other bankruptcy software, offer an easy way to select, edit, add or delete exemptions that an attorney may need for each individual client. Your bankruptcy software will also offer the complete bankruptcy exemption statute with limits and descriptions to make it easier for the attorney to select, therefore giving you the most up to date information in order to keep as many personal belongings as you can, as you enter bankruptcy. You also have instant access to online resources regarding exemptions and your right to utilize them in your bankruptcy.
In addition to each state setting their own exemptions, the Federal Government also has a set of bankruptcy exemptions under Title 11, Chapter 5, Subchapter II, of the United States Code (11 U.S.C §522). Some states allow for the debtor to use the Federal Exemptions, others do not. Check with your attorney for more information on which exemptions are best suited for your case, because depending on what types of property you have, and the property values, will determine which set of exemptions will work best for you.
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