To make property exempt, the bankruptcy filer must make sure to claim the desired items as exempt in the filing forms and properly identify each item and its value. There are limits to exemptions and allowable exemptions are specific to item types that can be considered day to day necessities such as clothing, transportation, housing, trade tools, pension, earnings, and household items.
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Chapter 7 Exemptions
An exempt item is one that cannot be repossessed or sold to repay a bankruptcy filers debts during a liquidation. Exempt items will remain in the possession of the filer during and following a bankruptcy.
