What property can I keep in a Chapter 7 bankruptcy? 11 Answers as of December 06, 2010

I can I find out what property is exempt in a Chapter 7 bankruptcy? Does this depend on state statutes or is there a uniform code? Thanks.

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George Hoselton Bankruptcy Attorney
George Hoselton Bankruptcy Attorney | George Hoselton
In most cases you can keep your home and car within the allowable exemptions. Exemptions do vary from state to state, there are also federal exemptions.
Answer Applies to: Oregon
Replied: 12/6/2010
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
it depends on the state or states where you have resided in the 2.5 years prior to filing
Answer Applies to: South Dakota
Replied: 12/4/2010
Steven D. Keist, Attorney at Law
Steven D. Keist, Attorney at Law | Steven D. Keist
It depends on what state you file in. For example, Arizona uses the state exemptions. However, you may also use the federal exemptions. The federal exemptions are available to review as part of the BK code. Each state publishes their exemptions as well.
Answer Applies to: Arizona
Replied: 12/3/2010
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
It depends on the State where you live. Some States have opted to have their own exemptions in bankruptcy, while others default to the Federal exemptions. The Federal exemptions can be found in Sec. 522 of the Bankruptcy Code.
Answer Applies to: Illinois
Replied: 12/2/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
California Code of Civil Code Sections 703 or 704. You must choose one or the other and cannot mix and match to your liking.
Answer Applies to: California
Replied: 12/2/2010
    DiManna Law Office, LLC.
    DiManna Law Office, LLC. | Dawn DiManna
    There are both State Exemptions and Federal Exemptions that allow you to keep different types of property. It depends on your property as to which exemptions you would use and the decision needs to be made at the time of filing. The NH exemptions are by Statute and the Federal are in the code.
    Answer Applies to: New Hampshire
    Replied: 12/2/2010
    The Shakoori Law Group
    The Shakoori Law Group | Rachelle Shakoori
    It depends on CA statute. There are two different sets of statute and depending on your specific situation, you use a particular set. You can call me and I can tell you which one of your assets are exempt.
    Answer Applies to: California
    Replied: 12/1/2010
    Law Office of Raymond J. Dague, PLLC
    Law Office of Raymond J. Dague, PLLC | Raymond J. Dague
    If you are in New York State, your exemptions are governed by a slew of New York statutes. There is a federal set of exemptions, but each state can pick its own exemptions instead. In New York State the Civil Practice Laws and Rules (CPLR) sections 5205 and 5206 list most but not all of the exemptions available in New York.
    Answer Applies to: New York
    Replied: 12/1/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    What property you can keep depends on what exemptions you have available under applicable state law. The state laws which would apply depends on where you have lived for the 2 years prior to filing your chapter 7 case. If you have lived in more than one state in the past 2 years, it would be based on the state where you lived for the 180 days prior to the 2 year period.

    You need to consult with a bankruptcy attorney about your assets and what you can protect given your specific facts.
    Answer Applies to: California
    Replied: 12/1/2010
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    In California can keepup to $27,000 between cash, cars (with 100% of household goods, furnishings, ERISA retirement,etc.)OR homestead of up to $150,000 depending on household type. Most of the time people in bankruptcy keep what they want and get rid of what they want(debts).You may contact my office for a free consultation.
    Answer Applies to: California
    Replied: 12/1/2010
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