Exempt property typically includes:

• Motor vehicles, up to a certain value;
• Clothing, household goods, appliances, and home furnishings;
• Jewelry, up to a certain value;
• Tools of the debtor's trade or profession, up to a certain value;
• IRA's and Pensions;
• Social Security, Disability, Welfare, and Unemployment Compensation Benefits accumulated in a bank account not commingled with other monies; and
• The bankruptcy filer's primary residence (so long as the equity meets the homestead exemption in your state).

The value of individual exemptions vary widely from state to state and can make a huge difference in the amount of property the bankruptcy petitioner can retain. We strongly suggest you consult a local bankruptcy attorney to determine the specific amount of the exemption and the types of property your state permits a bankruptcy filer to retain.

The state exemptions, however, are not available to recent state residents.

If you're concerned about losing your property, and you are gainfully employed, you should consider filing a Chapter 13 bankruptcy instead. A Chapter 13 Bankruptcy will, in most cases, enable you to keep your property by paying off your debts in monthly installments under a five year court approved plan, which your creditors will be required to accept.