Maui Bankruptcy Exemptions
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When it comes to bankruptcy you need to understand that it is not the end of the world as many people assume. Bankruptcy was created to help you, not hurt you! By utilizing the power of the Bankruptcy Code, our clients keep most of their personal property by claiming bankruptcy exemptions which protect their assets from creditors. Our experienced bankruptcy attorneys can help explain the different exemptions, apply them to your property, and protect your assets!
If your income can’t cover your bills, then filing for bankruptcy will help you gain control over your finances. Every person deserves a fresh start and filing for bankruptcy gives you this opportunity. We know that filing for bankruptcy on Maui can seem difficult. But we’re here to help you understand the process, make things go as smooth as possible, and help you gain the benefits of a fresh start.
Bankruptcy Exemptions to Protect Property in Maui
- $25,150 of equity in your principal place of residence (homestead exemption).
- $4,000 for equity in a motor vehicle.
- $1,700 for jewelry.
- $625 per individual item with a $13,400 aggregate value limit on household goods, furnishings, appliances, clothes, books, animals, crops, and musical instruments.
- $2,525 for tools of the trade including implements and books.
- $13,400 in loan value, accrued dividends, or interest in a life insurance policy.
- 401k plans and IRAs and Roth IRAs (up to $1,362,800).
- $1,325 plus $12,575 of any unused portion of the homestead exemption to apply as the Wildcard exemption for any property you like.
- Spousal support, child support, life insurance payments needed for support, all Social Security benefits, unemployment benefits, veteran’s benefits, public assistance, and disability benefits are also exempt.