In this post, I will discuss only federal exemptions.
1.) Home
The debtor's home equity is protected up to $21,625.
2.) Car
A car is exempt if the owner's interest is less than 3,450.
3.) Personal Property
Personal property includes household goods, electronics, clothing, a watch and furniture. These items are protected if the total value is less than $11,525 with no single item worth more than $550.
4.) Jewelry
Jewelry is exempt as long as its value is under $1,450
5.) Wild Card
The wild card exemption may be used to protect any property valued up to $10,825
6.) Tools of Trade
Tools of trade include professional books, office furniture and tools. These items are protected up to 2,175.
7.) Insurance Benefits
Insurance benefits, from the death of a spouse or parent are exempt up to the amount necessary to support the debtor and the debtor's dependents.
8.) Doctor Prescribed Health Aids
If a debtor is prescribed equipment or other items to aid in their health those items are exempt.
9.) Earnings
Post petition earnings are protected in insolvency chapter 7 bankruptcy, but not chapter 13 which requires a payment plan.
10.) Certain Government Assistance
Income from Social Security, Unemployment, or local public assistance programs is completely exempt.
11.) Veteran Benefits
Veteran Benefits are entirely exempt.
12.) Disability Benefits
Disability, Illness benefits are exempt.
13.) Alimony, Support or Maintenance
Alimony, Support and Maintenance that is reasonably necessary for support is exempt.
14.) Employee Benefits
Stock Bonus Pensions, and profit sharing plans through the debtor's employer are exempt.
15.) Award under Crime Victim Reparation Law
These type of awards are entirely exempt.
16.) Payment from a Wrongful Death Lawsuit/ Settlement
These type of payments are exempt to the extent reasonably necessary to provide for the debtor.
17.) Payment on a Personal Injury Lawsuit
These type of payments are exempt up to $21,625.
If you are considering bankruptcy as an option speak to an attorney who has your best interest in mind. The Law Office of Stacey Keenan is located in Woodbury, MN. We serve the seven county metro area and if you are accoss town, we can meet you halfway. Call today to discuss whether bankrupcty is right for you. 612.227.8709.
