Can you keep your car, home, and retirement benefits?

There are certain protective categories available in bankruptcy which are referred to as "exemptions." In Alaska, you can choose from state or federal exemptions (all of one system or all of the other system).

Some Examples of State Exemptions

Home

Home equity (fair market value less amount owing - costs for sale are not deducted): $72,900

Vehicle

Vehicle equity (trade-in blue book value less amount owing): $4,050

Retirement

Most retirement is protected. Also, there are exemptions for items necessary to perform your work (tools of the trade).

Federal Exemptions

Under the federal exemption system, you can protect less equity in a home, but you can often protect almost all other assets including snow machines, four wheelers, tax refunds, PFD's, etc., depending

on the value of these assets.

DO NOT ASSUME THAT YOU WILL LOSE ANY ASSETS IN A BANKRUPTCY. ONLY A BANKRUPTCY ATTORNEY CAN GIVE YOU THE ADVICE YOU NEED TO DETERMINE WHAT IS PROTECTED.