If you’re thinking about filing for bankruptcy in Washington, it is important to know exactly what this is going to mean for you in a financial sense. Are you going to have to sell your assets in order to pay off what you can of your debts? What types of things are you allowed to keep? You may know about the future impact of filing for bankruptcy, such as being able to put the debt behind you, but you also need to know what it will mean in the more immediate future.
To find out more about this, take a look at the bankruptcy exemptions in Washington.
For instance, your home or mobile home may be exempt, as it is in most cases. This does have an exemption limit of $125,000.
When it comes to personal property, things are broken down into categories and then limits are put on those categories. For books, the exemption limit is $3,500. For things like furniture or appliances that you have in the home, the limit is $6,500 for the grand total of all of those items. For fur clothing, jewelry and things of this nature, the limit is $1,000.
There are also possible exemptions for insurance, ownership that you may have in a business, public benefits, pensions, and much more.
This is certainly not a comprehensive list, so it is definitely a good idea to go over everything from a legal standpoint before you file. However, this can give you a good idea of how the exemption process works and some of the big-ticket items that do tend to be covered.
Source: Washington Bankruptcy Law, “Washington Bankruptcy Exemptions” Oct. 14, 2014