[needhelpnow]

Do we have to memorize these exemption amounts? Please let me know. Thank you!

Exemptions:

-Limited equity in a home ($22,975)

-Limited equity in a motor vehicle ($3,675)

-The right to reasonable alimony and child suppo

rt payments

-Household goods, furnishings, clothing, appliances, books not to exceed $575 per

item

-Jewelry up to $1,550

-Books and Tools of trade ($2,300)

-Social security, veteran’s, and disability benefits and unemployment compensation

-Payments from pensi

on, profit

-sharing and annuity plans, up to $1,245,475 in tax

exempt retirement accounts (IRA).

-Educational IRA’s (529 plans) exempt, unless deposited between 120 and 365 days

prior to filing, then exempt only up to $6,225.

[Anonymous]

I wouldn't, and CPAexcel specifically warns not to – just understand that exemptions do exist. the only bankruptcy numbers I DID worry about memorizing were the number of creditors needed for an involuntary bankruptcy and the aggregate amount of debt those creditors needed. the rest of bankruptcy is much more important, like preferential transfers, distribution priority, the difference between the major chapters, etc.

[needhelpnow]

Thanks buddy!

[Author]

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