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Federal Personal Property Exemptions: The Property Creditors Can Not Touch!!!
In a U.S. federal bankruptcy case, Legal Helpers can use Federal law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of exemptions that we can use to help keep creditor's hands off your cherished possessions. The federal bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. The following states give you the option of either using their State Exemptions or the Federal Bankruptcy Exemptions: Arkansas, Connecticut, Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Texas, Vermont, Washington D.C., Washington state, and Wisconsin.
Homestead Federal Bankruptcy Exemptions
We can use these federal bankruptcy exemptions to protect up to $18,450 in equity in your house. Unfortunately we can't use this exemption to protect a rental property or a house you are not living in.
Motor Vehicle Federal Bankruptcy Exemptions
Legal Helpers can use these federal bankruptcy exemptions to protect $2,950 in value of any one motor vehicle listed in your U.S. federal bankruptcy.
Clothing, Textbooks, Bible, Family Pictures Federal Bankruptcy Exemptions
These federal bankruptcy exemptions allow Legal Helpers to protect $9,850 in value of your interest in various personal items such as your clothing and personal heirlooms with a $475 limitation on the value of each item, and specifically not to exceed $1,225 for jewelry.
Life Insurance Proceeds
Under these federal bankruptcy exemptions we can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).
Alimony, Support Federal Bankruptcy Exemptions
Legal Helpers may also be able to exempt alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.
Proceeds of Sale of Homestead Federal Bankruptcy Exemptions
Along with the Homestead Federal Bankruptcy Exemption mentioned above, we may also exempt proceeds if you sell your home within one year prior to U.S. federal bankruptcy.
Qualified Retirement Plan Federal Bankruptcy Exemptions
Legal Helpers can prevent creditors from touching the proceeds of your hard-earned retirement plan. We can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.
Tools of the Trade, Professional Books Federal Bankruptcy Exemptions
These are useful federal bankruptcy exemptions that we use to protect up to $1,850 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.
Unemployment Compensation Benefits Federal Bankruptcy Exemptions
Legal Helpers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.
Workers' Compensation Federal Bankruptcy Exemptions
We can protect 100% of compensation you receive under Federal workers' compensation laws. Legal Helpers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Federal, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.
Personal Injury Federal Bankruptcy Exemptions
Your U.S. federal bankruptcy lawyers can protect up to $18,450 of your personal injury benefits from creditors' reach.
Wildcard Federal Bankruptcy Exemptions; (Any Personal Property of Debtor)
Last, but probably most important of the federal bankruptcy exemptions is the Wildcard Exemption. Using the Wildcard Exemption in your U.S. federal bankruptcy case, Legal Helpers can protect up to $925 of any type of personal property and up to $9250 of any amount of unused homestead federal bankruptcy exemptions. We can protect anything you own that has equity in excess of the above federal bankruptcy exemptions.
Learn more about Florida bankruptcy exemptions.