What assets are exempt or excluded from bankruptcy? 9 Answers as of May 26, 2016

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Ronald K. Nims LLC | Ronald K. Nims
Bankruptcy exemptions vary by state. In Ohio, the most commonly used exemptions are:-Homestead exemption for a residence-Motor vehicle exemption-Retirement plan exemption - IRA, 401(k), pension, etc.-Social security exemption-Veterans benefit exemption-Household goods exemption-Cash on hand exemption-Life insurance exemption Some exemptions are unlimited but most of limited dollar amounts - the motor vehicle exemption is limited to a junker ($3,775 - you won't find any of the state's lawmakers risking the lives of their family members in an rickety vehicle like this) - but the social security exemption is unlimited.
Answer Applies to: Ohio
Replied: 5/26/2016
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
There is a federal list and each state has a list. A state may require its residents to choose only the state's exemptions. If it has not enacted that limitation, then a state resident can use one list or the other (but not some from each). If the debtor chooses state exemptions, he may also make use of any applicable non-bankruptcy exemptions, even under federal law. The Wisconsin list is found at sec. 815.18 and 815.20 of the Wisconsin Statutes. You can get it online. The federal bankruptcy exemptions are found in 11 U.S.C. sec. 522(d).
Answer Applies to: Wisconsin
Replied: 5/26/2016
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
You can read California Civil Code sections 703 and 704. Choose one set, don't mix and match. Assumes you have lived in California for the necessary time and are not a recent transplant. This is one of the areas that you need a knowledgeable local bankruptcy attorney for.
Answer Applies to: California
Replied: 5/26/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That question is too broad to answer. First, it depends on what state you are in. Second, there are ways to stagger them to work best for you. You need to consult with local counsel.
Answer Applies to: California
Replied: 5/26/2016
Danville Law Group | Scott Jordan
There is a long list of exemptions in California. One reason debtors hire attorneys is to make sure the debtor keeps as much of their personal property as is allowed under the law. I suggest you contact a local bankruptcy attorney for assistance.
Answer Applies to: California
Replied: 5/26/2016
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Do a Google search of your state exemptions.
    Answer Applies to: Colorado
    Replied: 5/26/2016
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    This is not a simple question. State law determines what assets are eligible, but to use the state laws, you need to have lived in the state for more than 2 years. To claim the maximum amount of equity in a homestead allowed under state laws also requires that you have owned the house for more than 1215 days, which is over 3 years. In Nevada, the exemption laws are mostly contained in NRS 21.090. Other exemptions less widely used, such as for workers compensation benefits, are scattered throughout the NRS.
    Answer Applies to: Nevada
    Replied: 5/26/2016
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    The list of exempt assets is numerous. I suggest you go to the legislative website and pull up and NRS 21.090 and review all the exempt property.
    Answer Applies to: Nevada
    Replied: 5/26/2016
    David Andersen & Associates PC | Jeremy Shephard
    This answer depends on what exemptions are available to the debtor under the bankruptcy code. Every state either offers their own exemptions or the federal exemptions (or both). Michigan offers the state exemptions and federal exemptions. You would want to look them up to determine which set of rules works better for your situation.
    Answer Applies to: Michigan
    Replied: 5/25/2016
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