Bankruptcy Exemptions - You Can Keep Your Hat On

You can keep many things of value despite filing for bankruptcy relief. These are "exemptions." See Bankruptcy Schedule C "Property Claimed As Exempt"

You have to choose between
1) federal exemptions and

2) state exemptions to see which is more favorable for your particular circumstances.

California has two "systems" of exemptions that are mutually exclusive. Pick one set or the other, but you cannot "cherry pick." California and other states have a "wild card" exemption that will be attractive to many.

Federal law makes social security benefits exempt in bankruptcy or from creditors claims in state courts


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Batten Down The Hatches, It's A Nantucket Sleigh Ride

From my reading list

Calculated Risk

Paul Krugman

Noriel Roubini - "Da Man"

and of course

Clusterfuck Nation

Official Bankruptcy Forms

Bankruptcy Forms and Bankruptcy Forms Manual

• Part I - Official Forms, Instructions, and Committee Notes
• Part II- Procedural Forms and Instructions
• Links to Related Material
• Pending Changes

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Bankruptcy FAQs

Bankruptcy Basics

Process The Discharge in Bankruptcy Chapter 7. Liquidation Under the Bankruptcy Code Chapter 13. Individual Debt Adjustment Chapter 11. Reorganization Under the Bankruptcy Code Chapter 12. Family Farmer Bankruptcy or Family Fisherman Bankruptcy Chapter 9. Municipality Bankruptcy Chapter 15. Ancillary and Other Cross-Border Cases SCRA. Servicemembers' Civil Relief Act SIPA. Securities Investor Protection Act Glossary - Terms You Need to Know Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and to answer some of the most commonly asked questions about the bankruptcy process. On April 20, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"). BAPCPA made substantial changes to the Bankruptcy Code. And the Bankruptcy Judges Division has made significant revisions to this online version of Bankruptcy Basics to account for BAPCPA's changes to the Code. Most BAPCPA changes apply only to cases filed on or after October 17, 2005. Because the Bankruptcy Judges Division anticipates that there will continue to be a demand for the version of Bankruptcy Basics that describes the pre-BAPCPA bankruptcy process (for cases filed prior to October 17), this page contains links to PDF (print friendly) copies of both the pre-BAPCPA version as well as the current online version of Bankruptcy Basics. Bankruptcy Basics - For Cases Filed on or after October 17, 2005 (pdf) Bankruptcy Basics - For Cases Filed before October 17, 2005 (pdf) Bankruptcy Basics Video Bankruptcy Basics should not substitute for the advice of competent legal counsel or a financial expert. Neither the Bankruptcy Judges Division nor the Administrative Office of the United States Courts can provide legal or financial advice. Such advice may be obtained from a competent attorney, accountant, or financial adviser. Public Information Series Bankruptcy Judges Division Administrative Office of the United States Courts April 2006 Third Edition While the information presented is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for reference to the United States Bankruptcy Code (title 11, United States Code) and the Federal Rules of Bankruptcy Procedure, both of which may be reviewed at local law libraries, or to local rules of practice adopted by each bankruptcy court. Finally, this publication should not substitute for the advice of competent legal counsel. ______________________________________________________________________________ Basic Bankruptcy Info (Youtube)

As Interpreted By The US Congress

Title 11, United States Code ("The Bankruptcy Code")

AN OVERVIEW OF THE CURRENT BANKRUPTCY LAWS

http://www.fedbar.org/bank-jan07.pdf

A New Dawn Will Come

There is a very life in our despair.
- Lord Byron (George Gordon Noel Byron)

You have to lose everything before you are free to do anything
- Tyler Durden "Fight Club"