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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  JD, MBA
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What are some property assets that i may need to claim as exempt

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What are some property assets that i may need to claim as exempt on my chapter 7 bankruptcy that are often forgotten? State of missouri chapter 7 bankruptcy
Hello and thank you for allowing me the opportunity to assist you.

People often forget to exempt tax refunds that they haven't yet received. Even if you haven't already filed your tax return and do not know how much you will receive, it is wise to at least put $1 on Schedule B and exempt it on Schedule C, then update it as necessary at a later time.

Something else people often forget about are debts people owe them. In other words, if your buddy owes you $500, then that is a $500 asset that should be exempted.

Potential lawsuits are assets as well. For example, if you were cheated by a debt recovery firm before filing for bankruptcy, then you may have a claim against that firm in the amount that you paid it (or more). However, if you're running out of exemption room, then you may want to skip this (though it should still be listed on Schedule B).

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