EXEMPTIONS - HACKENSACK
BANKRUPTCY ATTORNEY
(201) 646-3333
Some property is protected, or exempt from your creditors' claims, and you get to keep it. When determining what is considered exempt, many states allow you to choose and use the state's definition of exempt or the list set out by federal law. Some states require you to use the state's list. Be sure to check your state's laws to find out what applies to your state.
Exempt property can include these property types:
Exempt property can include these property types:
The 2005 reform laws also limit your options to move to another state to take advantage of more generous exemptions.
Most Chapter 7 cases are "no-asset" cases, which means that you don't have nonexempt property for the trustee to sell and use to pay creditors. Your bankruptcy petition states whether your case is "asset" or "no-asset." If the trustee doesn't agree, he or she must show why the designation isn't correct.
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