Our Firm Meet Our Attorneys Directions Disclaimer

Contact Congress

What's New & Hot

News You Can Use

Consumer
& Family Links

Legal Dictionary

Home Safety Tips

Subscribe to Our Free Legal Alerts
What Property Can I Keep And What Will I Lose In A
Chapter 7 Filing?

The dollar amounts and the specific items that are exempt vary from state to state. However, the following are some typical examples of property and amounts that you can keep when filing Chapter 7. If you are married and both spouses are filing together, the dollar amounts given below are doubled.
  1. a car, up to $1,200
  2. clothes
  3. household goods and furniture, up to $200 per item
  4. appliances
  5. your principal home
  6. personal effects, up to $200 per item
  7. jewelry, up to $500
  8. professional tools, up to $750
  9. income from social security, disability, public assistance, unemployment, pension funds, life insurance, alimony or veteran's benefits
  10. unpaid but earned wages
  11. pensions
  12. miscellaneous property, such as life insurance money from a relative's death, etc.
What you can lose also keep depends on your state's law. However, the list below illustrates typical items that you might expect to lose when filing Chapter 7.
  1. a second residence
  2. recreational vehicles
  3. a second car
  4. stamp, coin and other collections and heirlooms
  5. stocks and bond certificates
  6. cash on hand (unless it comes from unemployment insurance)
  7. deposits of money (e.g., bank accounts, CDs, escrow accounts, money market accounts)
  8. property that you own but not have any physical possession (i.e., security deposits)
  9. property that you unloaded a year before filing
  10. property you are entitled to receive at some future date (e.g., tax refunds, vacation pay, wages)
  11. your part of marital estate.
If you or a loved one is involved in a bankruptcy, call Johnston, Moore, Maples & Thompson at (256) 533-5770 or toll free (800) 240-5770 or submit an online questionnaire. 		Banking Bankruptcy Borrower/Financial Institutions Relations Business Organization & Transactions Commercial Litigation Construction Accidents Consumer Fraud Insurance Bad Faith Motor Vehicle Accidents Personal Injury Law Probate Real Estate Law School Law Slip & Fall Accidents Social Security Law Spinal Cord Injury Wills & Estates Worker's Compensation Wrongful DeathAlabama Justice Center Alabama GovernmentAlabama Civil Justice Foundation Center for Justice & Democracy Alabama Dept
of Industrial Relations Public Citizen Americans for
Insurance Reform American Association
for Justice Alabama Association
for Justice American Bar
Association Alabama Bar Association People Over Profits Roscoe Pound Institute Alabama Association of School Boards Alabama Department of Education Affiliated Attorneys

© Copyright 2008- Johnston, Moore & Thompson, MegaHunter Inc. and Attorney Hunter, an Attorney Directory-Lawyers, Law Firms, Attorneys.
Lawyer Websites – Attorney Websites – Law Firm Websites – Legal Websites designed by MegaHunter, Inc. All Rights Reserved.