What Property Is Exempt In Bankruptcy (What Can You Keep)?

Many consumers are wary about filing bankruptcy because they are concerned about the loss of property to creditors. Before making any decisions about bankruptcy, it is important to know your rights. Ammerman & Goldberg "Bankruptcy" Law Office is a bankruptcy law firm with more than 50 years of combined experience serving clients in Washington, D.C., Virginia and throughout Maryland. Our attorneys will take the time to assess your individual circumstances and determine if bankruptcy is the right course of action for you.

Most importantly, you should remember that with proper counsel and support in the bankruptcy process, you can probably protect most of your property, including your home, vehicle or other personal investments.

Property You Can Keep — Washington, D.C., Maryland And Virginia Exemptions

In Washington, D.C., Maryland and Virginia, certain personal property is exempt from liquidation in bankruptcy actions. These exemptions are your right. However, not all bankruptcy attorneys have the skill or knowledge of bankruptcy laws to take advantage of these personal property exemptions.

While there is an extensive list of property you can keep during bankruptcy, some of the most common exemptions for each of the jurisdictions we practice can be found at the links below:

Homestead Exemptions Under The New Bankruptcy Law

The new bankruptcy law affects homeowners with more than $125,000 in equity who live in certain states (California, Texas and Florida), including the Washington, D.C. Homestead exemptions are capped at $125,000, regardless of what the law of your state says, unless you have lived in that state for at least 40 months. If you have lived in that state for more than 40 months, your state's homestead exemption amount applies, even if it's higher than $125,000. Homeowners from Maryland and Virginia will not be affected because their state homestead exemptions are already less than $125,000.

Our Chapter 7 and Chapter 13 bankruptcy attorneys handle bankruptcy cases in the Washington, D.C., Maryland and Northern Virginia. We understand the federal bankruptcy regulations as well as the local rules of each jurisdiction in which we practice.

Dedicated To Helping You Achieve Financial Independence

At every stage, you can trust that our attorneys will be attentive to your needs and dedicated to achieving the best possible outcome in your case. We understand the stress and burdens of overwhelming debt and the bankruptcy process. Our lawyers will provide necessary counsel and advocacy as we help you achieve debt relief and financial freedom through bankruptcy.

To learn more about your debt relief options, please call (301) 655-0606 for a free telephone consultation. You can also reach one of our experienced attorneys by sending us a message online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.