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Posted: Tue Sep 22, 2009 7:58 am Post subject: what is considered exempt items?

could you tell me what is concered exempt property or items that may have to be sold in a chapter 7?

jameshogg · Posted: Tue Sep 22, 2009 8:40 pm Post subject:

Hi Guest,

Chapter 7 bankruptcy exemptions may vary from state to state. However, may include your equipment and items needed for work, home, home's equity (a portion of it), public benefits like unemployment payments or workers compensation, car, land you own, insurance and pension payouts, jewelry up to a certain value and personal property like furniture, appliances and clothing.

As the exemptions vary from state to state, it's not safe to assume that all of your property would be automatically considered exempt according to the bankruptcy law. You need to contact your bankruptcy attorney and take his opinion when you file Chapter 7.

Thanks

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what is considered exempt items?