What Are the Washington D.C. Bankruptcy Exemptions?
Declaring bankruptcy is a difficult decision, but it can help individuals and businesses to start fresh by wiping away their debt. In Washington D.C., filing for bankruptcy protection provides an opportunity for debtors to retain certain assets while discharging other debts. To understand the process, it's important to learn about the Washington D.C. Bankruptcy Exemptions that are available in this jurisdiction.
The federal government has issued guidelines for which assets may be considered exempt from creditors when bankruptcies are filed in Washington D.C.. Generally speaking, exemptions apply to property such as homesteads, personal possessions including vehicles and jewelry, life insurance policies and retirement funds that are held in qualified accounts such as 401(k)s or IRAs.
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