Bankruptcy Exemptions Explained
Individuals filing for Chapter 7 bankruptcy in Seattle may have to sell some of their assets to fund the repayment to creditors. However, certain items are exempt in the State of Washington, and they include:
- Homestead – real property or mobile home up to a certain dollar value
- Personal property – including household goods, appliances, furniture, clothing, yard equipment, keepsakes, pictures, and burial plots.
- Motor vehicle – one for each individual up to a certain dollar value.
- Disability benefits
- Unemployment compensation
- Pensions
- Property of a business partnership
- Tools of the trade – including tools, seed, equipment, stock, office equipment and furniture, and other materials up to a certain dollar value.
Making sure you are covered before filing for bankruptcy is the job of a Seattle debt lawyer, and the team at Engel Law Group is well versed on the rules and regulations concerning such questions as liquidity and exemptions. Working with you, they can determine the best route for you to take, and then be there for your questions and legal needs.
Contact Engel Law Group and work with an experienced bankruptcy professional who has your best interests in mind.