personal bankruptcy benefits
bankruptcy- assets question?
someone has the following assets. what amounts would be considered expempted items and why?
a.) $3,500 equity in a home
b.) $3,000 interest in a motor vehicle
c.) $150 in household furnishings
d.) $300 in appliances
e.) $150 in personal items
f.) $300 in a pet parrot
g.) $1,500 in musical instruments
h.) $300 in jewelry
i.) $600 in tools
j.) $15,000 life insurance proceeds
k.) $300 a month in unemployment insurance benefits
living in ny
Really depends on the state and what type of bankruptcy you file. You have the right to keep your home, car and furnishings, but there is a value limit on some items. For example, furnishings may not be able to total more than $5000. I’d check with a local bankruptcy lawyer.
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