EXEMPTIONS COMMENCING JULY 1: AUTOMOBILES, FIREARMS

The General Assembly has amended the protections given to debtors.  These protections are known as exemptions.  Under state law, the debtor asserts exemptions by filing a homestead deed in the county in which he/she resides.  A separate homestead deed is filed for each debtor, even if both spouses file in a bankruptcy.  In a bankruptcy filing, the homestead deed must be filed within five (5) days from the conclusion of the creditors' meeting.  There are numerous exemptions by amount, by category and by the status or age of the person asserting the exemption.  Commencing on July 1, 2011, a debtor may claim an exemption up to a value of $6,000 for an automobile.  Also commencing on July 1, the Commonwealth grants families an exemption to own a firearm valued up to $3,000.

This blog is not intended to render legal services to the reader, including advice about bankruptcy or taxes. Consult with a lawyer concerning the specific application of the law to your unique circumstance.