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Bankruptcy Exemptions Top 25 Products and Services
Bankruptcy exemptions detail what assets you can keep when filing bankruptcy. These exemptions vary depending on what state you live in, but here's a list of potentially available exemptions:
1. Homestead. The homestead exemption allows you to protect a certain amount of the equity in your home.
2. Child Support. Support payments are exempt.
3. Alimony. Like child support, alimony awards are exempt.
4. Vehicle. A vehicle exemption will ensure that the debtor can keep a vehicle without high value.
5. Pension Plans. Pension plans and some retirement investments are generally exempt.
6. Education Funds. Often education funds are exempt to a certain dollar amount.
7. Health Aids. Several states exempt necessary health care aids.
8. Worker's Compensation. Awards for being injured at work can be exempt.
9. Personal Injury. Injury awards typically exempt.
10. Tools of Trade. Professional tools for work are protected.
11. IRA. Certain IRA contributions can be protected.
12. Life Insurance. Proceeds from others' life insurance can be exempt.
13. Livestock. Sometimes livestock is protected.
14. Professional Books. This is like tools of trade for professionals.
15. Household Goods. This covers personal property.
16. Pets. This exemption has sentimental value.
17. Wedding rings. Sometimes people can keep wedding rings not worth high amounts.
18. Bank accounts. This exemption protects cash, but it is fairly low.
19. Jewelry. The wedding ring exemption is more common, but this includes more jewelry.
20. Fuel. Some states allow an exemption for stored fuels.
21. Wild Card. The wild card exemption is usually small, but it can be applied to any property.
22. Burial Plot. At least one state exempts burial plots.
23. Computer. At least one state allows you to exempt a computer in addition to household goods.
24. Family Pictures. These items typically don't have high monetary worth anyway.
25. One firearm. Idaho allows you to exempt one firearm.
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