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Judgments: What are the State Exemptions for Oregon?

Janice — Mon, 08 Feb 2010 16:47:22 +0000

When you declare bankruptcy, or are facing a judgment, this does not mean that you will lose all of your assets or personal property. There are exemption laws that prevent this from happening, thus allowing you to hold on to certain property, savings and insurance, as well as some types of investment. To gain access to all of your legal entitlements, you need to gain an understanding of the state exemptions that apply in your state. Having this knowledge will enable you to fill out the required bankruptcy forms correctly so that you can keep your property.

Like other US states, if you live in Oregon you do have asset protection. These laws entitle you to claim property as exempt (i.e. protected from creditors), if it has not been used as collateral for a loan. However, if you have signed over property (whether it be your home, car or boat) as security for a loan, it is no longer protected under exemption laws.
In the state of Oregon, you are able to claim exemption for the following types of eligible property, assets, savings and income:
• Homestead: An exemption of up to $30 000 applies to real property that you occupy or intend to occupy. This amount increases to $39 600 for joint owners. There is also provision to claim exemption for house boats and mobile homes. The only other requirements for this type of exemption are land size. Your home cannot exceed one block if it is in town or exceed one hundred and sixty acres outside of town.
• Personal property. This includes items such as: bank deposits and higher education savings accounts, jewelry and clothing, furniture, cars and firearms.
• Income and wages: A percentage of income and wages are eligible for exemption as well. This means that creditors cannot take all of your earnings for the purpose of covering debt. In Oregon, you are able to legally keep 75 per cent of your wages or $170 per week, whichever constitutes the largest amount. For low income earners, a judge may even authorize a larger exemption.
• Life insurance, pensions, retirement savings and public benefits in certain circumstances are also eligible for exemption. It is important to remember that if a large portion of your investments are tied up in life insurance policies, it is best to consult a professional regarding your exemption entitlements.

Reference: http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=OR

Bankruptcy and Judgments: What are the State Exemptions for Pennsylvania?

Janice — Mon, 08 Feb 2010 16:45:59 +0000

When filing for bankruptcy, or fighting a judgment, it’s important to understand what property and assets you can protect, as well as any earnings, savings and insurance you are entitle to claim as exempt. Declaring bankruptcy or being sued by a creditor doesn’t automatically mean that you will lose everything you have, but familiarizing yourself with the exemption laws for your state can ensure that you hang on to everything you are legally entitled to.

State exemptions for Pennsylvania.

As with other US residents, people living in Pennsylvania can claim property as exempt, so long as they have not used that property as security for a loan. The moment you sign over property as collateral for a loan, it ceases to be protected under exemption laws.

Exemptions that can be claimed for eligible property in Pennsylvania:

While there is no homestead exemption in Pennsylvania, there is provision to claim under the common law of Tenancy by Entirety. This applies to married couples who own a home together (joint ownership). In the case of bankruptcy, Tenancy by Entirety holds the home exempt against the debts of one spouse only.
There is also some provision made for wages. This extends to wages you have earned, but not been paid for, the wages of prison inmates and the wages of victims of abuse.
Other provisions under the state exemptions for Pennsylvania include life insurance, savings and personal property. There is also a ‘wild card’ exemption, which applies to $300 of any property whether it is cash, real property, sale proceeds or securities. However, it is important to remember that most of these exemptions are extended to people who fit certain criteria and life circumstances. They are not generally applicable to all residents of Pennsylvania. As a result, it is important to thoroughly read the exemptions or consult with a professional to ensure that you claim your legal entitlements.
Residents of Pennsylvania should also note that the state gives a choice of complying with the state exemptions for Pennsylvania or the Federal Bankruptcy Code. This means you can choose the system that gives you the most benefits, but you cannot use a combination of state and federal laws. You must apply the laws of one system consistently. This is a requirement even if you are married – both spouses must claim under the same system of laws.

When investigating your options when faced with filing for bankruptcy, compare your state exemptions with the Federal Bankruptcy Code. The choice of system will depend on individual circumstances, so it is best to know your entitlements under both before deciding which laws to use.

Reference: http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=PA

Bankruptcy and Judgments: What are the State Exemptions for Rhode Island?

Janice — Mon, 08 Feb 2010 16:38:51 +0000

Your biggest single concern if you are filing for bankruptcy or if you are on the receiving end of a judgment is making sure that you protect as many of your assets and items of personal property as you are legally entitled to. While US bankruptcy laws do not require all assets and property to be relinquished to pay off outstanding debt (the same goes for judgments), there are restrictions and limitations on what you can claim exemption for and the percentage you can claim.

Bankruptcy laws vary between states, and the state exemptions for Rhode Island are no exception. Residents living here are entitled to protect a portion of their property from creditors, provided that property has not been used as collateral for a loan. For instance, you will not lose exempt property to a credit card company because there is no collateral attached to the debt. However, if you have pledged your boat as security for a loan, you are no longer protected by exemptions laws.

If you are filing for bankruptcy, you’re given a choice between using the exemptions found in the Federal Bankruptcy Code or the exemptions found in state bankruptcy laws. The only requirement is that you use one set of laws only. You are not allowed to pick and choose exemptions from both sets of laws. for judgments, You’ll use the state exemptions.

If you plan on using the state exemptions for Rhode Island, you are entitled to the following:

A homestead exemption of $200 000 for land and buildings that you occupy or have intensions of occupying as your primary abode. If you are a married couple and you own a home jointly (called Tenancy by Entirety), the property cannot be taken by creditors until the tenancy has been dissolved or the ‘debtor’ spouse survives the ‘non-debtor’ spouse in most cases.
Cars: Up to $10,000
Certain items of personal property, tools of the trade, life insurance and pension and retirement savings for certain individuals are also protected. There is also provision for income and wages, but these extend only to military personnel on active duty, seamen, minors and wages paid by charities.

For residents of Rhode Island, it is important to thoroughly compare the state exemptions with the Federal exemptions under the Federal Bankruptcy Code before filing for bankruptcy. Taking this measure will ensure that you make the decision which best benefits you.

Reference: http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=RI

http://www.cga.ct.gov/2005/rpt/2005-R-0368.htm

Bankruptcy and Judgments: What are the State Exemptions for South Dakota?

Janice — Mon, 08 Feb 2010 15:59:09 +0000

Protecting your assets, personal property, wages and savings is most important when filing for bankruptcy. In general, US bankruptcy laws do not require you to sell everything you own to cover your debts. However, what you can and cannot claim does depend on the state you live in. This article will help to familiarise you with the state exemptions for South Dakota.

In short, exemptions are laws that protect a percentage of your property (or the equity you have) from creditors, as long as you have not pledged that property as collateral for a loan. There is a Federal Bankruptcy Code, which provides a list of exemptions, however states are not compelled to follow this code. Your state can require you to follow state exemption laws instead.

South Dakota residents must follow the state exemption laws when filing for bankruptcy. The only Federal exemptions that apply are those exemptions listed in Federal laws other than the Federal Bankruptcy Code.

A Guide to State Exemptions for South Dakota:

As with most states, there is a homestead exemption for residents of South Dakota. Here, the homestead is protected to an unlimited value, as long as it is no larger than one acre for a home in town, or no larger than one hundred and sixty acres for a home outside town. The sale proceeds from your home are also protected – up to $30 000 for most people, except those over 70 years of age, who can claim up to $170 000. It is important to remember that only for residents who have been living in South Dakota for a minimum of three years and four months are able to claim exemptions greater than $125 000.
You are also entitled to wage exemptions, which limit how much can be taken from your wage in debt collection by creditors. In South Dakota, wages earned sixty days prior to filing for bankruptcy are protected, as long as they are needed to support a family. There are also Federal non-bankruptcy laws that apply to wage garnishment.
Further state exemptions for South Dakota entitle you to protection of certain items of personal property, pension or retirement savings and life insurance.

Knowing your entitlements is the first step in protecting your property when faced with bankruptcy or judgments. It is important to be able to fill in the required bankruptcy forms accurately so that you can be confident that you protecting what you are legally entitled to protect.

Reference: http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=SD#exemptions

Bankruptcy and Judgments: What are the State Exemptions for Tennessee?

Janice — Mon, 08 Feb 2010 15:53:02 +0000

If you are considering filing for Chapter 7 Bankruptcy in the state of Tennessee, or if you are being sued by creditors (perhaps you already have a judgment against you), you will need to familiarise yourself with the state exemptions. Bankruptcy exemptions are state laws that distinguish your property as “off limits” to unsecured creditors. This means that these types of creditors cannot force you to sell your property to cover debts.

Although there is a Federal Bankruptcy Code, which provides a list of exemptions, bankruptcy laws do differ from state to state. This means that some exemptions listed on the Federal Bankruptcy Code may not apply in some states.

This is certainly the case in Tennessee, where state law requires anyone filing for bankruptcy to use the state exemptions listed in state law – not the Federal bankruptcy exemptions. The only Federal exemptions available to individuals are “non-bankruptcy” ones – i.e. those exemptions found in Federal laws, but not in the Federal Bankruptcy Code.

So, what are the state exemptions for Tennessee for judgments and bankruptcies?

Most importantly, there is a homestead exemption for Tennessee residents, although it isn’t very much. This means that you can protect the equity you have in your family home. Single homeowners are entitled to $5000, whereas joint owners can claim $7500. These amounts vary again if you have dependent children or are over the age of 62. However, these exemptions only apply if you have been living in Tennessee for more than two years. If you have recently moved to Tennessee, you may be required to claim exemption under the laws of your previous state of residence.
You can also claim a wage garnishment exemption. This limits how much creditors can collect from your wage. In Tennessee, you are entitled to keep 75% of your wage or 30 times the federal minimum hourly rate – whichever is greater.
Other state exemptions for Tennessee include a ‘tools of the trade’ exemption up to $1900, which covers those tools used for work purposes, certain personal property exemptions, life insurance and pension and retirement savings exemptions.

If you are being sued by your creditors, the exemptions are those items that you won’t be forced to sell. When filing for bankruptcy in the state of Tennessee, it is very important to familiarize yourself with the precise exemptions you are entitled to claim. This will ensure that as much of your property, income, savings and assets are protected and remain yours to keep.

Reference: Legal Consumer: Tennessee Bankruptcy and Law Information http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?ZIP=37398&ST=TN&CBSA=46100&FEDCT=TNE&CITY=Winchester&METRO=Tullahoma

Judgments: What are the State Exemptions for Utah?

Janice — Tue, 19 Jan 2010 18:57:25 +0000

Utah is not debtor friendly. Exemptions (those items you can keep if you get sued in court) include a tiny $20,000 dollar amount for your primary home. In other words, if you have more than $20,000 in equity in your home and a collections agency gets a judgment against you, you will most likely be forced to sell you home. Utah is a little bizarre in that (unlike most states), it lists the specific items you can keep, like one microwave. So if you’d rather keep that nice digital camera, too bad. If you get a judgment against you, your creditor will most likely force you to sell it.

State exemptions (those items you can keep if you get sued)

Homestead: $20,000 in value, but only $5,000 if property is not your primary residence. Up to 1 acre of land.
Car: $2500
Personal Property that is exempt (one of each): clothes washer/dryer, refrigerator, freezer, stove, microwave oven, sewing machine, carpets, food for 12 months for your family, clothes (excluding jewelry or furs), beds and bedding in use by you or a dependent.
Sofa/chairs: $500
Dining table/chairs: $500
Animals/musical instruments, book: $500
Heirlooms: $500
Tools of the trade: $3,500
Personal injury settlements: exempt
Wrongful death benefits: exempt in most cases
Pensions, including 401K, IRA: exempt except amounts deposited in these accounts up to one year prior
Burial plot: exempt
Health aids: may be exempt (up to the judge if he deems them “reasonably necessary” to sustain health.

Judgments: What are the State Exemptions for West Virginia?

Janice — Tue, 19 Jan 2010 18:40:00 +0000

West Virginia is one of the states you don’t want to be sued in. As well as a paltry homestead exemption, they also allow judgments creditors to take your life insurance cash value. I knew an elderly man (I’ll call him Roy), who lived in Grafton, WV on a small retirement in a modest home. A neighbor stepped on his beagle, Bessie’s, tail. Bessie bit the neighbor (barely breaking skin). The neighbor won a judgment for $250,000 and Roy lost his home and was forced to cash in his life insurance policy. A year later, Roy passed away and his wife was left with nothing. Roy (and his wife) lost his home and his entire life savings because his neighbor stepped on his dog’s tail. If you are on the receiving end of a judgment, you don’t want to live in Virginia: they allow anyone with a judgment in hand (like credit card companies) to clean you out.

Homestead: $25,000. Unused portion is a “wild card” that you can apply to other property.
Car: $2,400
Clothing, household goods, furnishings, appliances, books, musical instruments, animals and crops: $400 per item, $8,000 total
Jewelry: up to $1,000
Health aids: exempt
Personal injury recoveries: $15,000
College prepaid tuition: exempt
Wrongful death recoveries: exempt (if you are a dependent of the deceased)
Burial plot: $25,000 (in lieu of homestead).
Pensions: Tax exempt retirement accounts, Traditional and Roth IRAs are exempt up to $1,095,000 per person.
Public employees. Teachers, ERISA-qualified benefits and IRAs needed for support are all exempt.
Public Benefits: exempt
Crime victims’ compensation, unemployment compensation, social security, and Veterans’ benefits: all exempt.
Workers’ compensation: exempt
Tools of Trade: $1,500.
Alimony and Child Support: exempt (to a certain dollar value, the judge decides how much you need for support)
Insurance: Group life insurance cash value and proceeds, Fraternal benefit society benefits, Unmatured life insurance contract

(except for credit life insurance contract), health or disability benefits, life insurance dividends, interest, loan, cash, or surrender value for person you are a dependent of: exempt

Insurance, other: life insurance contract cash value, interest, or dividend: $8,000

Judgments: What are the State Exemptions for Virginia?

Janice — Tue, 19 Jan 2010 16:38:58 +0000

Unfortunately, Virginia is one of those states that isn’t very friendly toward debtors. The laws and exemptions tend to favor the credit card companies when it comes to judgments. In addition, the law also favors householders: if you ar enot a householder, your creditors can take all of your personal property (you cannot claim any exemptions). Unlike Florida, where your home is safe from creditors, Virginia law allows a creditor to force the sale of your home. Your best bet if you live in Virginia and you have equity in your home? Fool your creditors into thinking you live elsewhere.

Homestead (includes a mobile home): A paltry $5000 ($10,000 for a married couple) plus $500 per dependent. In other words, if you are a family of four and you owe credit card companies more than $11,00, you could lose your home unless you pay up. Landlords get a break: they can claim rents & profits as exemptions.
Insurance: Insurance: Accident and sickness benefits, burial society benefits, cooperative life insurance benefits, fraternal benefit society benefits, group life or accident insurance (government employees), group life insurance policy or proceeds and industrial sick benefits are all exempt from forced sale or garnishment.
Property of business partnership: exempt
Pensions: City, town & county employees (ERISA-qualified benefits to $17,500 per year) Judges’ pensions, State employees pension.
Bible: exempt
Burial plot: exempt
Clothing: $1000
Family portraits and heirlooms: $5000
Health aids: exempt
Household furnishings: $5000
Car/other motor vehicle: $2000
Personal injury claims: exempt
Pets: exempt
Wedding and engagement rings: exempt (no dollar value)
Public Benefits: exempt benefits are aid to blind, aged, disabled, AFDC(welfare), and general relief
Crime victims’ compensation: exempt, unless you are seeking to discharge debt for treatment of injury incurred during crime
Unemployment compensation: exempt
Workers’ compensation: exempt
Farmer Tools of Trade: two horses or mules with gear, wagon or cart, tractor ($3000), two plows, a drag, your harvest, cradle, pitchfork, rake, two iron wedges, $1,000 worth of fertilizer.
Misc. Tools of trade (for other business owners who are householders): Tools, books, motor vehicles (up to $10,000).
Military uniforms, arms, and equipment (members of the Armed Forces): exempt
Wild Card: If you do not use the $5,000 exemption for your home, you can apply the unused portion toward your personal property.
Veteran’s Personal Property: if you are a disabled veteran, the law allow you to keep $2000 of any property safe from your creditors if you are a householder.

You are not automatically entitled to these exemptions: you must file an exemption with the court to get the exemption.

Bankruptcy and Judgments: What are the State Exemptions for Wisconsin?

Janice — Fri, 15 Jan 2010 18:41:46 +0000

The law in Wisconsin is clear: if a creditor obtains a judgment against you, you must claim (“affirm”) your right to the following list of exemptions. If you do not, your creditors can sell the item out from under you and take the proceeds (they will be nice enough to mail a check to you for the difference). The following list of exemptions are items that you can keep safe from creditors who have judgments against you, as long as you file the proper claim for with the court. You can also keep the items if you go bankrupt. There are very specific laws in place regarding life insurance policies: if you have one, or are the beneficiary of one, you should contact a lawyer who will be able to tell you if the proceeds or cash value are exempt.

Personal burial lot, coffins, headstones: exempt.
Business and farm “tools of the trade”: $7,500 worth of equipment and inventory.
Child support, family support or maintenance payments: exempt (up to the judge exactly how much is exempt).
Household goods and furnishings, clothes, keepsakes, jewelry, appliances, books, musical instruments, firearms, sporting goods, animals or other tangible personal property: $5,000 total.
County fairs and agricultural societies: state aid received
Federal disability insurance benefits: no limit
Fire and casualty insurance payouts: generally exempt
Fire and police pension fund: generally exempt in locations where the population is larger than100,000.
Fire engines and equipment: no dollar limit (for necessary protection)
Life insurance cash value: $4,000
Car: $1,200

If you own any items above and beyond these limits, you will be required to sell the items or pay your creditor the difference in value if you want to keep it. For example, if you own a car worth $1,500, you will have to pay $300 to your creditor or sell the car (your creditor will take what you owe them and send you a check for the difference).

Bankruptcy and Judgments: What are the State Exemptions for Washington?

Janice — Fri, 15 Jan 2010 18:23:26 +0000

Exemptions are those items you would be allowed to keep should your creditor obtain a judgment against you. If you own an item that is worth more than the listed amount, you’ll either have to sell the item or you will have to pay your creditor the difference. Washington makes an important exception for spouses: in a lot of states, you and your spouse can both take an exemption. Not so in Washington, where you cannot double the homestead exemption. Child support obligations are also an exception, and you may lose your exemptions (including homestead and retirement) if you owe child support.

Homestead: $125,000 including land, mobile homes, and improvements.
Other personal property used as a homestead: $15,000
Retirement Funds: creditors cannot touch a penny of any retirement accounts.
Clothes: Exempt, except for furs and jewelry.
Furs and jewelry: $1,000
Photos and Keepsakes: exempt (no dollar limit)
Books: up to $1,500
Professional exemption (for example, physician, surgeon, attorney, or clergyman): $5,000 for books, office furniture, equipment and supplies.
Household Goods: $5,000 per household ($2,700 for an individual)
Other Personal Property: $2,000 (up to $200 cash)
Bank accounts: up to $200
Car: up to $5,000 per household ($2,500 for individual)
Child Support Received: exempt (you must keep this in a separate bank account to prove it is child support)
Health Aids: all prescribed health aids
Personal Injury Awards: up to $16,150(not including pain and suffering or compensation for actual pecuniary loss)
Farms: supplies and seed to $5,000 in value
Tools of the trade: up to $5,000
Tuition Credits: exempt, if they were purchased more than two years beforehand
Spendthrift Trusts: protected (principal only)