Exemptions are what the Bankruptcy Court lets you keep and/or what determine how much you have to pay in your bankruptcy. Which exemptions you use in your bankruptcy vary depending on where you live and where you have lived for the past 3 years.
We use Federal exemptions for most cases. The Federal exemptions are fairly generous and have a wildcard exemption that can be used to protect cash assets. We will use the Hawaii exemptions if there are assets to be protected by tenants by the entirety, more than $10k of whole life insurance, commercial fishing boat or other valuable tools of the trade.
If you have more assets than exemptions, you can engage in what is called “exemption planning.” Exemption planning would be pre-filing actions designed to convert non-exempt assets to exempt assets. A common form of exemption planning is moving cash into a Roth IRA. By moving cash into a Roth IRA, you wouldn’t need to use your valuable wildcard exemption on the cash, but could use the retirement exemption to protect the Roth IRA.
Exemptions and exemption planning generate a lot of litigation. This is an area of bankruptcy where you should really get the help of an attorney. The penalties for getting it wrong can be harsh.
For other E bankruptcy terms: Executory Contract – New York Bankruptcy Lawyer, Jay S. Fleischman
Exemptions – Northern California Bankruptcy Lawyer, Cathy Moran
Examination – Los Angeles Bankruptcy Lawyer, Mark J. Markus
Exemptions – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Eviction – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Emergency Filing – Colorado Springs Bankruptcy Lawyer Bob Doig
Euphoria – Cleveland Area Bankruptcy Lawyer, Bill Balena
Equitable Distribution – Miami Bankruptcy lawyer, Dorota Trzeciecka
Exemptions – Downriver, Michigan Bankruptcy Attorney, Christopher McAvoy
Everything – Daniel J. Winter, Chicago Bankruptcy Attorney
Eligibility- Philadelphia Bankruptcy Attorney, Kimberly Coleman
Equity – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Equity – Marin County Bankruptcy Attorney, Catherine Eranthe
Exemptions – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Emergency Fund – San Francisco Bankruptcy Attorney, Jeena Cho
Exceptions to Discharge – Wisconsin Bankruptcy Lawyer, Bret Nason
Emotion-Los Angeles Bankruptcy Law Monitor, Christine A. Wilton
Exemptions-Livonia, Michigan Bankruptcy Lawyer, Peter Behrmann
Expenses-Pittsburgh Bankruptcy Attorney Shawn N. Wright
Exemptions-Birmingham Bankruptcy Attorney, Elizabeth Johnson
Exemptions-Vermont-New Hampshire Bankruptcy Attorney, Michelle Kainen
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