3 Bankruptcy Exemptions That Can Help You

Filing for bankruptcy can be a confusing process. Often people get overwhelmed and fail to understand all of the options available to them and make mistakes that adversely affect their bankruptcy case. By keeping in mind a few common bankruptcy exemptions you may be able to protect your valued assets and protect yourself and your family from needless additional hardship.

The experienced New Orleans bankruptcy attorneys at the Law Office of David D. Kervin, Jr. are able to make sure you receive all the support you need during this potentially frustrating procedure. Contact our offices at 504-599-5906 for more information about exemptions that can help you during your bankruptcy filing.

Three Common Exemptions

By petitioning for bankruptcy exemptions a debtor will be able to protect certain assets and work out their solutions while keeping themselves afloat. Some of the most common exemptions include:

1. Home – One of the most important purchases a person will make during their lifetime is a home. In Louisiana, $35,000 of equity in a home is protected from seizure by the trustee or any creditor.  If you are facing foreclosure, a chapter 13 bankruptcy plan can help you keep your home even though a sheriff sale date has been set.  Even if you file for protection under chapter 7, many of my clients still are able to keep their homes.
2. Work-Related Payment – A minimum of 75% of a debtor’s payment for unpaid but already earned income will be kept by the individual and any tools used for their job can also be protected.
3. Benefits – Any public aid that has been awarded to a debtor such as disability support, unemployment aid, or workers’ compensation is likely to be exempt from seizure.

Though you can file for bankruptcy protection without the assistance of an attorney, this is inadvisable as you are likely to miss important subtleties such as these and other exemptions.

Contact Us

At the Law Office of David D. Kervin, Jr. we can help you protect the assets that will help keep you and your loved ones safe while tackling financial problems. Contact us for more information about exemptions, credit, and other bankruptcy issues at 504-599-5906.