Chapter 7 Exempt Property
- Motor vehicles, up to a certain value
- Personal clothing items
- Household furnishings and appliances
- Jewelry, up to a certain value
- Personal effects
- Life insurance policies (cash value or proceeds), up to a certain value
- Pensions
- Portion of the equity in your primary residence
- Tools of Trade, up to a certain value
- An amount of unpaid yet earned wages
- Public benefits including Social Security, Unemployment Payouts, Welfare
Call 888-314-1403 to speak with a certified credit counselor for help or fill out the form above.
Under this same Chapter 7 Bankruptcy, the law will NOT allow you to keep the following items. These assets will be taken:
- Any second (non-primary residences) or vacation homes
- Musical instruments and equipment, unless you can prove it is your profession
- Second vehicle, RV, etc.
- Cash on hand, bank account balances, stocks and invested monies
- Valuable family heirlooms
- Stamp, coin, baseball card, or other valued collections
- Any other un-listed items of value not deemed necessary for day to day living
Other Bankruptcy Related Articles
- Bankruptcy Law : Chapter 7 & 13
- Alternatives to Filing for Bankruptcy Protection
- What is Chapter 13 bankruptcy and how will it affect me and my future?
- What Property Can I keep in Chapter 7 bankruptcy?
- Divorce Decrees and Bankruptcy Beginner's Guide
- Student Loans: Can these be settled when I file for Bankruptcy?
- Debts that cannot be included in a Chapter 7 Filing
- Statute of Limitations of Debt
- FAQ on Chapter 7 Bankruptcy Protection