Overview of the 7 Most Commonly Used Bankruptcy Exemptions

Bankruptcy can be a difficult and overwhelming process. To help alleviate some of the stress, it is essential to understand the various exemptions available under bankruptcy law. This article provides an overview of the seven most commonly used bankruptcy exemptions in order to assist individuals who may be considering filing for bankruptcy.

The most common type of exemption is homestead exemption, which allows individuals to protect their home or other real estate from creditors. In many states, there are also federal tax exemptions that allow debtors to keep certain wages and property free from any claims by creditors. Additionally, motor vehicle exemptions can help those filing for bankruptcy retain ownership of their car or truck in some cases.

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