Otha T Carpenter Esq And Associates

The bankruptcy code has a standard federal exemption that one can use, but most people opt out and use the bankruptcy exemptions of their state. Depending on what state one resides in, exemptions can be very generous for some. Some states will allow an individual to protect anything to do with work, like their tools, while other states will have a limitation of a few thousand dollars. Rural areas will usually have special provisions for farm equipment and things associated with that. One of the most popular exemptions that many people have heard of is the homestead. Once again, the homestead exemption will vary from state to state and usually is tagged to property values.