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Should I Choose Federal or State Bankruptcy Exemptions?


When filing for bankruptcy, it is important to understand the different types of bankruptcy exemptions available. Depending on your specific circumstances, you may be able to choose either federal or state bankruptcy exemptions when filing for Chapter 7 or Chapter 13 bankruptcies. This article will provide an overview of both options so you can make an informed choice about which type of exemption best suits your needs.


Federal bankruptcy exemptions are established by the United States Congress and usually offer more generous protection from creditors than state laws. These exemptions typically cover things like a portion of equity in one’s primary residence, personal property such as clothing and furniture, retirement accounts and certain public benefits. However, not all states allow debtors to use these federal exemptions; some states require debtors to use their own state-specific laws instead.





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