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Exemption Information

The law may allow you to keep some property or it may entitle you to part of the proceeds if the property is sold after your case is filed. Property that you may keep and the right to part of the proceeds from property that is sold are called exempt property.

Exemptions are not automatic. If you do not list the property on Schedule C, the trustee may sell it and pay all of the proceeds to your creditors. All debtors may use exemptions provided by the pertinent state law and federal law other than bankruptcy law. Debtors in some states may use exemptions provided by the bankruptcy code. It is important to check the laws because if you claim property exempt under the wrong law, you may lose that property.

Click here for a link to exemptions under the Bankruptcy Code, including amounts.