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Exempt Property in Bankruptcy

What is exempt property?

The term exempt property according to the law of property in many different states is that property cannot be passed down by a will or claimed by the creditors of the deceased when the deceased had left their spouse or dependants. Normally, exempt property will include a family car, a certain amount of money or something equal to value in person property.

In the state of Maryland when claiming exempt property on a vehicle would the individual use Chapter 11 U.S.D. 552 b2 or b3?

According to Md. Code Ann. Cts. & Jud. Proc. 11-504 (b) (5), (f): $6,000 of cash or property; must claim exemption within 30 days of levy or attachment, and for the Md. Code Ann. 11-504 (f): An additional $5,000 in any personal property. The Maryland law does in fact require an individual to use exemptions within the state law not the United States Bankruptcy Code. In this case B3 would consider a person using the State exemptions which would be correct. The condition of the United States Bankruptcy Code does offer the exemptions that can normally protect a person’s possessions against either being taken or liquidated for the advantage of the creditors in the case of bankruptcy. The individual will have the ability to make the choice as to whether or not they choose between the federal exemptions of B2 or B3 where these are considered the States exemption. In the state of Maryland the individual will have to use the B3 exemptions.

In the state of Massachusetts is profit sharing plans considered exempt property in bankruptcy the same as the 401k rules?

In this case profit sharing plans are exempt when filing for bankruptcy. The Federal Bankruptcy law according to 11 U.S.C. Section 522 (a) (3) (C) and the Massachusetts Mass. Gen. Laws Chapter 32, 41 exempts income, profit sharing and stock bonus places along with the Individual Retirement Accounts, any late reimbursement plans that will include the 401(k) account.

What is the difference between exempt and non exempt under Chapter 7?

Non exempt property includes:
• Costly musical instruments, that is unless the nonpayer is a musician;
• Any kind of collections (stamps, coins);
• Family heirlooms;
• Bank accounts, amounts of money, and other investments;
• A car or truck that isn’t their primary vehicle; and
• A house that isn’t their primary home

As for Exempt property this includes:
• Vehicles that are a certain value;
• Required clothes;
• Required household items;
• Household appliances;
• Jewelry that equal a certain value;
• Incomes;
• A part of the nonpayer’s home;
• Materials related to the nonpayer’s profession up to a certain amount of value;
• Public benefits that can include social security, unemployment reimbursement etc; and
• The damages that is granted for personal injury

Under the bankruptcy law can an individual change their bankruptcy request to exempt property that was not exempted previously?

In this case the individual will have the ability to change under any Schedule, including Schedule C anywhere before the bankruptcy case is completed. They are allowed to change their exemptions and add any additional exemptions that were not before included in the Schedule.

When filing for bankruptcy depending on the case often times the individual is allowed to keep all or part of their possessions. There are specific possessions that the individual will be allowed to keep; these different materials may be unknown to someone who has never filed bankruptcy before. For more information as to what items are included in the exempt property claims contact the Legal Experts online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3311
Experience:  Bankruptcy Lawyer. Experienced.
9968427
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