When you file for bankruptcy, you must list all of the property that you own. To protect your property from being taken by the trustee, you need to apply what are called exemptions.

Bankruptcy property exemptions are very important and you should know what exemptions you are entitled to before filing a bankruptcy case. There are exemptions available under the federal law and your particular state’s law. In some states, you can only use either the federal exemptions and not the state exemptions. In some states, you can use only the state exemptions and not the federal exemptions. In some states, you can use both federal and state exemptions. If you’re going to file, you should know which exemptions you can use.

Before filing bankruptcy, you should list all of the property that you own and assign values to each item. Then, know your exemption amounts for all of your property. You want to know that before you file, otherwise you might be surprised to learn that you will lose some of your belongings.

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THIS VIDEO IS INTENDED FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT CREATE AN ATTORNEY/CLIENT RELATIONSHIP.

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