Bankruptcy Exemptions

In basic terms, bankruptcy exemptions are the things you get to keep when filing for bankruptcy. Certain exemptions are allowed under federal law, and certain ones are allowed under your individual state law. Still, each case is decided on a case-by-case basis depending on individual circumstances.

This article will address... more »

When an individual files for bankruptcy, they're allowed to exempt certain categories and amounts of assets. This provides not just the "necessities" to continue functioning on a daily basis, but also makes some of the debtor's assets and equity "off limits" by preventing their liquidation. Bankruptcy is generally a federal... more »

Bankruptcy laws vary from state to state but in most states you are allowed to keep certain assets, including your home and automobile. In some situations, individuals may be more at risk of losing their home if they do not file bankruptcy. Even if your home is being foreclosed on, bankruptcy can put a temporary hold on those... more »

Each bankruptcy district has its own local rules, which set forth the appropriate forms, filing methods, case management procedures and deadlines for each case. In Connecticut, the local rules are posted online (see References below). Otherwise, the bankruptcy code is consistent across the entire country. The Chapter 7 means test,... more »

Generally, bankruptcy laws are the same in each state. Realistically, however, there are considerable procedural differences across the country. The bankruptcy court system is separated into districts, each with their own local rules. Iowa is unique in that its Southern District has dissolved its local rules and its procedures are... more »