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.
A car, up to $20,000.00
Clothes and personal effects
Household goods, furnishings and appliances at your principal residence
Your principal home (Your are entitles to keep 160 aces of farming land or one acre within the limits of a town or city or a manufactured home or mobile home)
Jewelry, up to $1,000.00
Professional tools, up to $7,500.00
Income from social security, disability, pension funds, life insurance, alimony or veteran’s benefits
Unpaid but earned wages
Pensions and other retirement accounts, with some exceptions
Miscellaneous property, such as life insurance money from a relative’s death, etc.
Public benefits, including public assitance, worker’s compensation and unemployment benefits.
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.
A second residence
A second car
Stamp, coin and other collections and heirlooms
Stocks and bond certificates
Cash on hand (unless it comes from unemployment insurance)
Deposits of money (e.g., bank accounts, CDs, escrow accounts, money market accounts)
Property that you own but not have any physical possession (i.e., security deposits)
Property that you sold a year before filing
Property you are entitled to receive at some future date (e.g., tax refunds, vacation pay, wages)
Your part of marital estate.
If you or a loved one is in need of legal assistance, call Ray Hodge & Associates at (316)269-1414. The initial consultation is free of charge.
Ray Hodge & Associates proudly represents victims and their families across the state of Kansas, including Wichita, Andover, Derby, Goddard, Haysville, Mulvane, Rose Hill, Newton, El Dorado and Hutchinson. Call today for a free consultation all over the state of Kansas. We have proudly served clients in Sedgwick, Butler, Sumner, Harvey, Kingman and Reno Counties.