Increased exemption numbers
In a small piece of good news for people who need to file bankruptcy, the value of items you can claim as exempt in bankruptcy under the federal exemptions increased as of April 1, 2022.
The new numbers include the following:
Equity in your homestead: $27,900.00
Equity in one car: $4,450.
Household goods per item; $700.00
Household goods total: $14,8875.00
Wild card exemption: $1,475.00 plus up to one-half of the homestead exemption, if not used to cover the homestead.
Retirement accounts: $1,512,350.00
The next scheduled increase will be April, 2025
As always, if you have questions about bankruptcy, give me a call at (320) 252-4473