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What are Exemptions?

What are Exemptions?

: Richard West Law Office

exemptionsSome people believe that when they go bankrupt that they are going to walk away with everything they own and have no more debt. While a lot of debt can be discharged in a bankruptcy there are some that cannot. Some are exempt from bankruptcy like taxes, alimony and child support payments and in most cases student loans.

Protecting Property

There are also certain types of property that can be exempt from the bankruptcy on both sides. Secured debts are often not totally discharged in a bankruptcy. Then there are exemptions that are afforded to the individual apply for bankruptcy.

Some of your assets can be protected. For example, your vehicle may be exempted, or you wedding ring. Then there are times when only a portion of your asset will be exempted. In some cases there are even what they wild card exemptions. This is where you may get to choose to exempt some of your property up to a limited value. Ideally you want to be able to utilize as many exemptions in your bankruptcy as you can. An experienced Cincinatti bankruptcy lawyer will see to that you get as many of the exemptions as possible as they pertain to your particular case.

What you also need to take into consideration is that there are different types of bankruptcy. The exemptions allowed are specific to the type of bankruptcy you have qualified for.  Another thing that is important is that there are both Federal and State exemptions that you may be able to rely on.

You may receive a lot of information from friends and family, however do not rely on any of this even if they have firsthand bankruptcy experience. Every bankruptcy case is ruled upon its own merits. Your financial situation may be far different than your advisors and will be handled totally different.