Property Exemptions in a Bankruptcy
Property that’s exempt from creditors’ claims will depend on what state you live in, and it will also depend on whether or not you can elect the federal exemptions or the state exemptions. Historically, the law has protected certain things in certain jurisdictions and not protected them in others. Typically, the further west you move, the more protection there is for homesteads. Typically, the further east you live in the United States, the more the creditors’ rights issues will be similar to English Common Law. It’s extremely important that you seek bankruptcy counsel in your jurisdiction from an experienced consumer bankruptcy lawyer in order to find out what the exemptions are, what the elections are and how that’s going to fit your particular needs.