Answer 1/1 - Submitted 1/19/2011
Property that is exempt from chapter 7 bankruptcy is:
-Homestead (equity in your primary residence) The amount of equity depends on your state.
-Automobile (equity held in one vehicle) - up to $3,225.
-Household Items (including appliances, furniture clothes) - up to $10,775, $525 maximum per item.
-Jewelry and heirlooms valued up to $1225.
-Tools of the trade - up to $1850 in value.
- Life insurance - including disability benefits and life insurance policies.
- Alimony and child support
- Public benefits such as unemployment, workers compensation, public assistance, Social Security or Veteran's benefits.
- Retirement funds (The exemption applies to pension, profit sharing and stock bonus plans, employee annuities, IRAs, deferred compensation plans such as 401(k), and certain trusts.
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