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What property can I keep after a bankruptcy?
Personal property in a bankruptcy is either exempt (meaning that you will be allowed to keep it in most states) or non-exempt (meaning you won't). Don't take these lists as gospel, as laws do vary state to state.
| Exempt Property | Non-Exempt Property |
- motor vehicles, to a certain value
- reasonably necessary clothing (no mink coats)
- reasonably needed household furnishings and goods (the second TV may have to go)
- household appliances
- jewelry, to a certain value
- personal effects
- life insurance (cash or loan value, or proceeds), to a certain value
- pensions
- part of the equity in your home
- tools of your trade or profession, to a certain value
- portion of unpaid but earned wages, and
- public benefits
(welfare, Social Security, unemployment
compensation) accumulated in a bank account.
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- expensive musical instruments (unless you're a professional musician)
- stamp, coin and other collections
- family heirlooms
- cash, bank accounts, stocks, bonds and other investments
- second car or truck, and
- second or vacation
home.
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Document last modified Wednesday, 12-May-2004 19:09:07 EDT
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