The exemption laws for Chapter 7 and Chapter 13 bankruptcy are being revised effective April 1, 2022 to increase the amounts that may be retained by bankruptcy filers. The exemption laws apply to the value or amount of the assets a bankruptcy filer may retain in a bankruptcy.
For example, the exemption amount that you may retain for an automobile is being increased to $4,450. If you own an automobile valued at $10,000 and the balance owed for the automobile loan is $5,550, there is a net equity value in the automobile in the sum of $4,450. Pursuant to the new exemption laws, the bankruptcy filer would be able to retain the entire net equity value ($4,450) from seizure by a bankruptcy trustee.
If you should have any questions regarding how the new exemption laws would apply to you for potential Chapter 7 or Chapter 13 bankruptcy, please call us. In most circumstances, you can meet with one of our attorneys for a free consultation regarding Chapter 7 or Chapter 13 bankruptcy.
The attorneys at Bailey & Gunderson, with offices in Norwood, Western Hills and Anderson Township, can explain your options to you. If you should have any questions, please call us at 513-631-0022.
