chapter 7
It always varies from state to state and some states even give a
It always varies from state to state and some states even give applicants the pick between state bankruptcy exemptions or federal bankruptcy exemptions. I am not very clear about the exemptions in other states but in my home state Idaho it goes something like this:
Homestead - Up to $100,000
Automobile - Up to $7000
Personal belongings (Jewelry, books, firearms, etc) - Total $9250
There is also a $800 wildcard exemption for any tangible personal property. Add to that any federal non-bankruptcy exemptions that an applicant is eligible for.
Couples filing jointly are allowed to double down, each being able to claim the full amount for each exemption.
These few are the basics. You now have to factor in stuff like retirement funds, wages, ERISA qualified benefits and a lot more. The list just goes on. In other words, calculating a short snappy exemption dollar figure is not a simple math problem. There is a lot at play when you file for bankruptcy and claim exemptions. And that is simply why you need a BK attorney.
