Bankruptcy Schedule C - Exemptions
Bankruptcy exemptions are basically rules that allow you to keep property from being sold to pay creditors. There are federal bankruptcy exemptions and state exemptions. Some states allow you to choose either, some states only allow you to choose their exemptions.
Some exemptions have limits and others do not. To determine how much you need to exempt of a property you take the value of the property and subtract any loans that are on the property. So if you car is worth $5,000 and you have a loan of $4,500 you only have $500 in equity that needs to be exempted.
WHAT YOU NEED: You need a list of all of your property from Schedule A and Schedule B and their values, as well as a list of your State Bankruptcy Exemptions.
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