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Your Legal Helpers Philadelphia bankruptcy attorney will use Pennsylvania law to preserve your rights.
Your Legal Helpers Philadelphia bankruptcy attorney can use Pennsylvania state law to protect the equity in your personal property. As your Philadelphia bankruptcy attorney will explain, your equity is the difference between the market value of your property and the claims held against it. The experience and background our Philadelphia bankruptcy lawyers have helped them build an excellent reputation for the aggressive representation of their clients.
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Here are some of the most common types of used by a good Philadelphia bankruptcy attorney to help keep your creditors hands off your cherished possessions. This list is intended just to give you an idea about what a good Philadelphia bankruptcy attorney could use to help your case. The practical application of these exemptions in a bankruptcy case is often very involved, and your bankruptcy attorney choose the right approach for your financial situation.
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Homestead Exemption: This bankruptcy exemption is designed to protect up to $8,725 per person in the equity in your residence. However, your bankruptcy attorney can't use this exemption to protect rental property or a home you do not live in.
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Alimony, Support Exemption: You can exempt support payments to you that are reasonably necessary to help support you or a dependent during your bankruptcy.
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Motor Vehicle Exemption: This exemption can protect up to $2,775 per person in equity in your vehicles and you can combine this with any unused wild card exemption to exempt an additional $9,650 per person.
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Life Insurance Proceeds Exemption: This protects life insurance proceeds from an individual on whom you are a dependent, to the extent necessary to support you or a dependent during the bankruptcy. Also, you can protect $9,300 in the cash surrender value of an existing whole life insurance policy.
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Qualified Retirement Plan Exemption: Legal Helpers can prevent creditors from touching the proceeds of your retirement plan if it is a government pension under the protection of federal ERISA guidelines or if your plan includes restrictions on transfer, attachment or garnishment. Most employer retirement plans are exempt.
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Tools of the Trade, Professional Books Exemption: Tools used for your trade or business can be exempted up to $1,750.
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Wildcard Exemption; (Any Personal Property of Debtor): We can protect up to $9,650 per person for any other personal property that is important to you. However, your wild card exemption can not be used in addition to any property for which you are also claiming the Homestead Exemption.
These are just a few of the Pennsylvania exemptions that could play a major role in your case. Contact the professionals at Legal Helpers today to find out more!
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