Dealing with debts can lead to a great deal of stress in your day-to-day life. You may wonder how you will ever get through your financial hardships because you cannot see any viable option in regard to paying off your debts. If you feel like you are in a hopeless situation in relation to your accumulated debts, you might want to consider the ways that filing for bankruptcy could benefit you.
Many debtors simply do not realize the ways that bankruptcy can help people get out of a difficult situation. This is often because private debt advisors are slanderous about bankruptcy because they want debtors to work with them instead of file. The fact of the matter is that bankruptcy exemption policies are drawn out by the government to help residents of Washington get relief from their debts.
What are bankruptcy exemptions?
Bankruptcy exemptions essentially mean that people can keep certain assets of a certain value and have these assets protected from the adverse actions of creditors. Different states are subject to different bankruptcy exemptions.
In the state of Washington, debtors are able to keep any home, including mobile homes, up to the value of $125,000. In addition to this, an individual is able to keep a vehicle up to the value of $3,250. If married, the joint value is double the single amount. Clothing, separate to jewelry and furs, can be kept to the value of $3500.
If you are struggling to pay off your debts in the state of Washington, you should consider how bankruptcy exemptions could help you maintain your current lifestyle.