Overview of the 7 Most Commonly Used Bankruptcy Exemptions
If you are considering bankruptcy, it is important to know which of your assets will be exempt from seizure. Different states have different exemption laws, but there are some exemptions that are available in most states. The seven most common bankruptcy exemptions are:
1. Your home: You can exempt up to a certain amount of equity in your home.
2. Your car: You can exempt up to a certain amount of equity in your car.
3. Your retirement accounts: 401(k)s, IRAs, and pension plans are typically exempt from bankruptcy.
4. Your life insurance: Whole life insurance policies and cash value life insurance policies are typically exempt from bankruptcy.
5. Your personal belongings: Most states allow you to exempt a certain amount of value in your personal belongings, such as clothing, furniture, and jewelry.
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