A lot of Americans are struggling with debt. The sad reality is that many of them will spend years, maybe even decades, trying to claw back to financial stability only to find themselves falling deeper into debt. This frightening situation doesn’t have to be a reality for you, though. However, if you’re facing insurmountable debt, then you might be worried about how certain debt relief options, such as personal bankruptcy, will leave you after completion.
Take advantage of bankruptcy exemptions
Fortunately, when it comes to bankruptcy you don’t have to stress too much about being left without the financial resources that you need to get by. That’s because state and federal bankruptcy exemptions exist to give you some stability post-bankruptcy. You get to choose which list of exemptions you want to utilize, which provides you with a lot of flexibility to choose a bankruptcy path that is right for you. Here are just some of the exemptions that you may be able to claim:
- More than $25,000 in a homestead exemption
- Up to $4,000 in a motor vehicle exemption
- Clothing worth up to $1,000
- Jewelry up to $1,700
- Certain retirement accounts
- A wildcard exemption that allows you to protect any property you choose up to a certain amount
Again, the specific exemptions that you’re able to claim will depend on a number of factors, including whether you utilize state or federal exemptions.
Seek debt relief with confidence
We know that it can be hard to pursue bankruptcy. But doing so isn’t a sign of failure. It’s a sign of being smart enough to realize that you don’t deserve to have your life ruined by insurmountable debt. Therefore, if you’d like to learn more about what bankruptcy can do for you, then we encourage you to continue to read our website and educate yourself about the process.