When you are dealing with bankruptcy, it can seem like everything is going in a way that is bad for you. Most ways that you will be filing bankruptcy include the fact that whether you have a business or you are an individual, you are going to have to have your property taken away from you so that you can pay back your creditors. It might feel like you are losing everything, because everything is being taken.
However, you should know that there are certain things that are exempt from being taken in order to pay back your creditors. The reason that there is exempt property stems from the actual point behind bankruptcy. Filing for bankruptcy serves two main purposes. It allows the creditors to get the money that they need, and it is also a way for the person who is filing bankruptcy to get on with their lives and to get a fresh start. Because of the fact that bankruptcy is meant to have a fresh start, it means that there is going to be certain exempt property, which are the things that you need to actually have to make this fresh start.
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Because you are supposed to be starting again, there are certain things that will be exempt from bankruptcy. If you own a house, but there is no value in the house for the creditors, it will be exempt property. The same with the car that you need to drive to work so that you can make a fresh start. It will also be exempt, unless there is great value in it for the creditors.
Also, any retirement funds or other funds that you have acquired are not going to be able to be taken by the creditors because they are exempt property. Your household goods are not usually found to have been of any resale value, so these are exempt as well. The bank cannot take your wedding rings, either.
There are several ways to decide what is going to be exempt and what is not. Basically you have to look at the resale value of whatever it is that is in question to see whether or not you think it is going to be able to be resold for a higher value than you owe. If not, then that property will be exempt and you will be able to make a fresh start with it. If you have any questions, talk to a lawyer about what is and what is not exempt property.
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