What is an exemption in bankruptcy?
A Debtor is entitled to certain exemptions under state law and federal bankruptcy law. For example, certain exemptions exist for automobiles, qualifying retirement accounts, homestead real estate, personal property, etc. This means a Debtor may be able to keep certain types of personal and real property up to a certain limit. Each jurisdiction has its own rules relating to these exemptions. For further clarification about filing for bankruptcy, please feel free to contact us and one of our bankruptcy attorneys in Miami will be happy to help you.
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