Category Archives: Bankruptcy Exemptions

The Wild Card Exemption in Bankruptcy

 

The federal government and some state governments offer a wild card exemption for those debtors who file for bankruptcy protection. The wild card exemption in bankruptcy is most often used by individuals who file for a chapter 7 bankruptcy, a type of liquidation process for paying off unsecured debts. Continue reading

Place of Residency Determines Bankruptcy Exemptions

Federal Building and U.S. Court House (1976) C...

Federal Building and U.S. Court House (1976) Completed in 1921. Still in use by the U.S. Bankruptcy Court for the Northern District of Alabama. Renamed the Robert S. Vance Federal Building and United States Courthouse in 1990. (Photo credit: Wikipedia)

Your residency, or the place you currently live or have lived for a specified time, determines what bankruptcy exemptions you can use when you file. Continue reading