Property You Can Keep
BIG CHANGES IN BANKRUPTCY LAW
A major reform of the bankruptcy system took effect on October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 presents additional challenges to people facing financial problems.
The new law marks the biggest change to bankruptcy law since 1978. It prohibits some people from filing for bankruptcy altogether. The law makes it harder for those who qualify to come up with manageable repayment plans and provides fewer protections from collectors than the prior law. Nevertheless, you still have many legal options to resolve your financial problems.
The Law Firm of Ammerman & Goldberg is committed to assisting clients in financial hardship. Our legal services, including debt relief agency expertise, will be available to anyone who is over-burdened by debt. If you need legal advice regarding debt relief and bankruptcy, call our Washington, DC, area bankruptcy law firm.
Property You Can Keep - DC, MD, and VA Exemptions
In Washington D.C., Maryland, and Virginia, certain personal property is exempt from liquidation in bankruptcy actions. These exemptions are your right. However, not all bankruptcy attorneys have the skill or knowledge of bankruptcy laws to take advantage of these personal property exemptions.
HOMESTEAD EXEMPTIONS UNDER THE NEW BANKRUPTCY LAW
The new bankruptcy law affects homeowners with more than $125,000 in equity who live in certain states (California, Texas and Florida) including the District of Columbia. Homestead exemptions are capped at $125,000, regardless of what the law of your state says, unless you have lived in that state at least 40 months. If you have lived in that state for more than 40 months, your state's homestead exemption amount applies, even if it's higher than $125,000. Homeowners from Maryland and Virginia will not be affected because their state homestead exemptions are already less than $125,000.
Ammerman & Goldberg is located in Washington D.C and concentrates bankruptcy cases. Our Chapter 7 and Chapter 13 bankruptcy attorneys handle bankruptcy cases in the District of Columbia, Maryland, and Northern Virginia. We understand the federal bankruptcy regulations as well as the local rules of each jurisdiction in which we practice.
While there is an extensive list of property that can be exempt under certain circumstances, some of the most common exemptions for each of the jurisdictions we practice in can be found at the links below.
- Washington, D.C., Exemptions
- Maryland Exemptions
- Virginia Exemptions
If you would like information on property exemptions in bankruptcy cases, please fill out our Free Bankruptcy Evaluation Form or contact us by phone at any of our offices for a free telephone consultation with one of our skilled bankruptcy lawyers.
Our bankruptcy law practice represents clients throughout the District of Columbia, Maryland, and Virginia, including Silver Spring, Bethesda, Rockville, Landover, Greenbelt, Bowie, Upper Marlboro, Arlington, Alexandria, Falls Church, Vienna, Fairfax, and Washington D.C. including Prince George's and Montgomery counties.
