Will I Lose Everything if I File for Bankruptcy in Washington DC?
Our Washington DC Bankruptcy Lawyer Explains What to Expect
With the help of a Washington DC bankruptcy attorney, 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 you must include in your bankruptcy estate and what you may then exempt from liquidation.
Washington DC Bankruptcy Exemptions
Some of the state bankruptcy 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 you can exempt. Motor vehicles, clothing, goods, appliances, pets as well as 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. Additionally, 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 Washington DC bankruptcy lawyer for your free consultation today. We are ready to help you protect your property from creditors.