Bankruptcy Exemptions by State
The goal of bankruptcy is to allow debtors to have a fresh financial start. Bankruptcy laws were created to allow debtors to retain a reasonable amount of their assets to make this possible. Bankruptcy exemptions are a list of all the assets, personal items and goods that can not be liquidated in Chapter 7 Bankruptcy or sold in Chapter 13 Bankruptcy to repay creditors. The types of exemptions allowed in a bankruptcy proceeding is determined by federal and state statutes and varies by state.