Will I Lose Everything if I File for Bankruptcy in Washington DC?
Our Maryland and Washington DC bankruptcy Lawyer Can Help
With the help of a Maryland and Washington DC bankruptcy attorney at the Law Firm of Kevin D. Judd, it is possible to safeguard some of your assets during a Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Creditors will try to use your property and assets, known as your “bankruptcy estate” to pay off as much of your debt as possible. A combination of state and federal laws determine what can be included in your bankruptcy estate and what may exempt from liquidation.
Washington DC Bankruptcy Exemptions
Some of the state exemptions available to Washington DC residents are:
- Residences – Property that you use as your personal residence
- Personal Property – There are certain limits set on the value of personal property that can be exempt. Motor vehicles, clothing, goods, appliances, pets, and family pictures are all examples of possibly exempt personal property.
- Wages - A minimum of 75% of earned but unpaid wages can be exempt from paying off your creditors, and judges can authorize more for those with particularly low incomes.
- Public Benefits – Crime victims’ compensation, social security and veteran’s benefits, workers’ compensation, and unemployment compensation
- Alimony/Child Support – Alimony and child support
- Insurance – Insurance proceeds such as life insurance payments and other proceeds up to a certain amount
- Miscellaneous – Additional property that does not fit anywhere else
Take Advantage of Washington DC Bankruptcy Exemptions
Call our Maryland and Washington DC bankruptcy lawyer Kevin D. Judd for your free consultation today. We are ready to help you protect your property from creditors.
Your gateway to financial freedom.
Free initial phone consultation. Located near the Navy Memorial/Metro Station.