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Download An Example Exemption - Schedule C
Claiming Exemptions - Schedule C (Property Claimed As Exempt)
Typically, you'll include a Schedule C or list of your exempt property when you file your bankruptcy petition. The schedule should include a description of the property, specify the law authorizing the exemption and list the value of the exemption and the market value of the property. Market value doesn't factor in the exemption amount. This information allows parties in your case to evaluate your claim, such as creditor who might object to an exemption.
Creditors, or others interested in your case, can object to your exemptions within 30 days after the meeting of the creditors, which is one the first things to occur after you file. If someone objects, it's their burden to prove that you've improperly claimed the exemption.
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Bankruptcy Exemptions - What Do I Keep When I File For Bankruptcy?
Part of your research in deciding whether filing for bankruptcy is the best option for you is determining what you get to keep. That is usually everyone’s first question – ”What do I get to keep?“ You’ll want to know if you can keep your house, your automobile, pension and retirement funds, personal belongings, etc. The things you will be able to keep are considered exempt items. Some exemptions are governed on a Federal level and some exemptions are State-specific. However even with cases filed within the same state the exemptions may vary on a case to case basis. This page will provide you with more information regarding these exemptions.