What Are Bankruptcy Exemptions? (Why Your State Changes Everything)

[00:00:00]What are bankruptcy exemptions? Gosh, that's actually a really good question.

[00:00:05]Equity exemptions are the value that you're allowed to keep and protect if you file a chapter 7 bankruptcy in the state you live in. Every single state has different numbers. In Ohio, our numbers are different than Missouri or Idaho or Texas or anywhere else, which is why you have to talk to a bankruptcy lawyer near you to determine what would be safe in the state you live in. If you have debt, you need to know how much equity you have in your house, your cars, your businesses, your collection, your whatever. because those are the things that are at risk if you can't pay your debts. If you want to file a Chapter 7 bankruptcy, we have to make sure that all of the things that you have are either within the equity exemption or you're prepared to buy the equity back because after all, the whole goal is to get rid of debt first. My name is Adrien Hines. I'm a bankruptcy lawyer taking away shame and embarrassment from the discussion of debt. Welcome to my content.