What are exemptions?
The Bankruptcy Code allows an individual debtor to hold back from the bankruptcy process certain property. Such property is called an exempt asset. Exempt assets are protected by state law from distribution to creditors. Examples of exempt assets include vehicles up to a certain value, equity in a home up to a certain value, and tools of your trade. Exemptions must be claimed or lost and they are claimed on Schedule C. If no one objects to the claimed exemptions within a specified time, the assets may not be part of your bankruptcy estate. The Bankruptcy Code allows states to choose to use their own exemptions rather than the exemptions listed in 11 U.S.C. §522, and Colorado has done that. Colorado State Exemptions can be found in the Colorado Revised Statutes, which are available at law libraries. Many of the Colorado exemptions can be found at Colo. Rev. Stat. §§ 13-54-102 and 38-41-201 et. seq. Deciding which assets are exempt can be one of the more important and complex parts of yo
11 U.S.C. 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. Exempt assets are protected by state law from distribution to your creditors. Typically, exempt assets include some jewelry, vehicles up to a certain dollar amount, the equity in your home up to a certain amount, and tools of the trade. Under bankruptcy law, you are entitled to list the assets set forth in section 703 or section 704 of the California Code of Civil Procedure as exempt. Exemptions are claimed on Schedule C. As with all schedules, it is important to fully complete and provide all the information requested. If no one objects to the exemptions you have listed within the time frame specified by the bankruptcy court, these assets will not be a part of your bankruptcy estate and will not be used to pay creditors through your bankruptcy case. Deciding which assets are exempt and how and if you can protect these assets from your creditors can be one of t
Oregon laws provide a property tax exemption for property owned or being purchased by certain qualifying organizations. The most common qualifying entities are: religious, fraternal, literary, benevolent, or charitable organizations and scientific institutions. Property for which an exemption is requested must be actively occupied and used by the organization in a way that furthers its stated purpose. The property must also be reasonably necessary. Any portion of the property that does not meet these criteria is subject to assessment and taxation the same as all other taxable property. Property tax exemptions are not automatic. The institution or organization claiming the exemption must file an application with the County Assessor. Submit application between January 1 and April 1. It is possible for a qualified organization to claim a property tax exemption on real or personal property held under a lease. The lessee must occupy and use the property and provisions of the lease must qual
11 U.S.C. 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. Exempt assets are protected by state law from distribution to your creditors. Bankruptcy exemptions for the state of Kentucky and the dollar amounts of those exemptions are listed in Chapter 427 of the Kentucky Statutes. Typically, exempt assets include jewelry, vehicles up to a certain dollar amount, the equity in your home up to a certain amount, and tools of the trade. Exemptions are claimed on Schedule C. As with all schedules, it is important to fully complete and provide all the information requested. If no one objects to the exemptions you have listed within the time frame specified by the bankruptcy court, these assets will not be a part of your bankruptcy estate and will not be used to pay creditors through your bankruptcy case. Deciding which assets are exempt and how and if you can protect these assets from your creditors can be one of the more impor
