What Property Is Exempt in Chapter 7?
Chapter 7 Bankruptcy can give you the chance to become debt free while keeping your property with some exceptions under state and federal law. There are some specific exemptions but are more generous under federal law. Some of these exemptions include:
- $2500 equity or more on your automobile
- $1700 or more equity on your house
- $9000 total on household goods; $425 per item
- $1600 or more on work-related items
You can still continue to receive your additional benefits without penalty, such as:
- Social Security Benefits
- Unemployment
- VA Benefits
- Welfare Payments
- Pension Checks
With your free consultation, The Brown Law Firm can help answer your questions about whether your exemptions can fall under the state for federal.
