Many people think if they file bankruptcy in Washington DC they have to give up all their belongings. This isn’t the case. Certain exemptions are available under federal law, and each state has their own list of exemptions.
Under Washington DC law, bankruptcy exemptions – in addition to federal exemptions include:
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• Disability insurance benefits
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• Fraternal benefit society benefits
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• Alimony and/or Child Support
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• Life Insurance proceeds
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• ERISA-qualified benefits
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• State employee and state police pensions
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• Public benefits including crime victims, unemployment, and workers compensation
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• Personal property including pets, household good, furniture, and clothing up to $425 per item or $8,625 combined value
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• Tools of trade – seal and documents of notary public; library, furniture, tooks of professional or artist to $300; mechanics tools to $200; or implements, professional books, or business tools of trade up to $1,625
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• 75% of earned but unpaid wages
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• Nonwage earnings of $200 for head of family
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• Motor vehicle fup to $2,575
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• All family pictures
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• Family library up to $400
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• Any property used as a residence including a co-op
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• Up to $850 in any property, and $8,075 in unused homestead expemption
Let a Washington DC bankruptcy attorney evalutate your exemptions today.