Philadelphia Bankruptcy Attorney Discusses Exemptions
February 16, 2012
One of the most common questions asked of Philadelphia Bankruptcy Attorneys is, "how much do I get to keep if I file for bankruptcy?" The answer, surprisingly, is very often "everything." While bankruptcy is a federal matter (like immigration cases or FCC violations) as opposed to a state issue (like a simple lawsuit before local Magisterial court), there is still a state element which creeps into a federal bankruptcy filing: exemptions. These are the items that are excluded from liquidation in a Chapter 7 bankruptcy (meaning you get to keep them).
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In 1999, Congress took steps to make it significantly more difficult to discharge student loans in bankruptcy. The Bankruptcy Reform Act of 1999 did not actually become law, nor did the 2001 iteration (the Bankruptcy Reform Act of 2001), but the law was included, in nearly identical language to that from the attempts in 1999 and 2001, in the 2005 overhaul known as the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).
