Washington Bankruptcy Laws
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Posted on January 26, 2008
Filed Under Debt Consolidation, Avoid Bankruptcy, Business Bankruptcy, Chapert 11, Chapter 13, Blog Carnivals |
The homestead exemptions and the personal properties exemptions as interpreted under the Washington bankruptcy laws are very much different in comparison to other states. In fact, the bankruptcy code in the state is very liberal especially in favor of the debtor, and you will feel the pleasant difference even in public benefits exemptions, pension fund exemptions, and insurance fund exemptions. However, in order to make the best use of these exemptions, it is important for you to make sure that the bankruptcy attorney that you have hired to handle your specific case is well aware of every minor details regarding the exemptible properties.
Federal Exemptions And Washington Specific Exemptions
The good news for you is that the insolvency regulations also allow you to use the federal supplement exemptions along with the state specific exemptions. What is more, if you want, you can even substitute the Washington specific exemptions completely with the federal exemptions set.
Bankruptcy Courts In Washington
There are nine impoverishment courts in state. All these nine courts have been categorized in two sections - Eastern District Court and Western District Court.
Properties Exemptions As Per Washington Bankruptcy Laws
The properties exemptible under the insolvency rules have been interpreted in the following manner.
- Exemptible homestead properties include any Real property or mobile home. The upper sealing for the exemptible amount is forty thousand dollars in this category.
- You will be happy to know that under the Personal properties exemptions, books up to fifteen hundred dollars are also exemptible as per the Washington bankruptcy laws.
- filing insolvency process as per the state laws will also allow you to exempt Personal bodily injury payments, if any - but only up to the amount of 16150 dollars.
- All kinds of clothing including furs, jewelry, ornaments are exemptible up to the amount of one thousand dollars as a whole.
- The exemptible insurance benefits include Group life insurance policy or proceeds, fraternal benefit society benefits, Fire insurance proceeds for destroyed exemption, Disability proceeds, avails or benefits, etc. What is more, the bankruptcy court in the state also allows you to exempt Annuity contract proceeds up to the amount of two hundred and fifty dollars on a per month basis.
- As per the liquidation regulations, the pension funds are exemptible for Volunteer firefighters, State patrol officers, Public employees, IRAs, ERISA-qualified benefits, and City employees.
- What is more, if you have used any tools and materials in someone else’s trade, that amount is also exemptible up to the amount of five thousand dollars.
- A minimum of seventy-five percent of earned but unpaid wages are also exemptible as per the Washington laws.
The various properties exemptions as interpreted by Washington bankruptcy lwas are very much different than the federal set of exemptions. However, the bankruptcy court in Washington allows you to substitute the state specific exemptions with the property exemptions as described in the federal laws. You must note that the bankruptcy code is almost the same in Washington. The only difference lies in way the various exemptions have been described. For more information visit filing bankruptcy.
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