How can I file for an exemption from bankruptcy and how do I know if I am eligible? 13 Answers as of June 22, 2011

My company has been going through some serious financial burdens over the last three years. However, the business has slowly started to pick up again and I don't want to lose it. How do I know if I can file for an exemption from bankruptcy? What makes me eligible to do so?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Exemptions vary from state to state, you should contact an attorney. Most provide free consultations.
Answer Applies to: Washington
Replied: 6/22/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
I have no idea what an "exemption from bankruptcy" is.
Answer Applies to: California
Replied: 6/21/2011
Law Offices of Michael T. Krueger
Law Offices of Michael T. Krueger | Michael Krueger
You really should not attempt to file bankruptcy on your own. If you have no other options and you must file on your own you need to determine if your state follows the federal exemption guidelines or if your state is considered an "opt-out" state. California is an opt out state and debtors can choose between section 703 and 704. Speak to an experienced bankruptcy attorney.
Answer Applies to: California
Replied: 6/20/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Are you asking about what you can keep and still file bankruptcy? "Exemption" is the process where by you select what you are going to keep. You need to consult with a local lawyer as it varies from state to state.
Answer Applies to: California
Replied: 6/20/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
This is a very complex area of bankruptcy law and you would be well advised to seek legal counsel to help you understand what exemptions would be available and how they work.
Answer Applies to: Indiana
Replied: 6/20/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Are you asking if the business might be sold off in the bankruptcy? What is the nature of the business? Is it worth anything? Is it saleable? Is it personal service in nature? What are the exemptions in your state? You need to speak with an attorney in your area about this, as it is impossible to answer with the limited information you have provided.
    Answer Applies to: California
    Replied: 6/20/2011
    Lakelaw - Loop Bankruptcy
    Lakelaw - Loop Bankruptcy | David Leibowitz
    I'm sorry, but your question is not clear. You file a bankruptcy case, not an exemption from bankruptcy. However, in a bankruptcy case, you can claim certain of your assets exempt under Schedule C to the extent permitted by your state's laws.
    Answer Applies to: Illinois
    Replied: 6/17/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    See an attorney. A business bankruptcy is far to difficult to discuss here.
    Answer Applies to: California
    Replied: 6/17/2011
    The Law Office of Brian Nomi
    The Law Office of Brian Nomi | Brian H. Nomi
    When you do your bankruptcy papers, the exemptions are listed in Schedule C. You need to consult with a lawyer who knows a lot about business bankruptcies. For further information, it's best to consult with an experienced attorney. Any good attorney will give you a free initial consultation.
    Answer Applies to: California
    Replied: 6/17/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    Please see a lawyer. A bankruptcy concerning a business is more complicated than one that concerns only consumer debts. Your question cannot be answered satisfactorily on this kind of forum.
    Answer Applies to: Virginia
    Replied: 6/17/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Every state has exemptions usually only individuals qualify for the exemptions (not businesses), and you need to be a resident of the state.
    Answer Applies to: Arizona
    Replied: 6/17/2011
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