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What are the bankruptcy exemptions?

The bankruptcy law exempts certain property and other assets from your creditors. In other words, you are allowed to keep certain things to provide for your “fresh start.” Here is the list of exemptions: Homestead: Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may be used for other property. Personal Property: Motor vehicle up to $3,225. Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total. Jewelry up to $1,350. $1,075 of any property, and unused portion of homestead up to $10,125. Health aids. Wrongful death recovery for person you depended upon. Personal injury recovery up to $20,200 except for pain…

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