What are the things you can keep the following filing for bankruptcy? To answer that question, you need to back it up a little bit to understand the basic definition of the term. Simply put, you refer to the assets and items you get to keep through the process of filing for bankruptcy as exemptions. Why are exemptions necessary? Well, you will need them as a means to get a chance to start all over again in Chapter 7 clean slate bankruptcy. Whenever new legislation is put in motion, bankruptcy exemptions follow through. As such, the rules may be different based on the state you reside at the moment. For example, if you live in the state of Oklahoma, you will be subjected to the law of Oklahoma bankruptcy exemptions. It may sound quite simple but what is making bankruptcy exemptions a rather complicated issue is the fact that the rules and regulations are made up of state and federal law. You will find it pretty challenging to find out how you can use those exemptions or even determine which one to use.
Federal Bankruptcy Exemptions
Federal bankruptcy exemptions cover a wide range of applications. You can choose to … Read More