Washington State Personal Property Exemptions: The Property Creditors Can Not Touch!!!

Your lawyers can use Washington state bankruptcy law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Washington state bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The Washington exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the exemptions below are not an exhaustive list, therefore you should contact a lawyer to determine the other types of property that you own which may be exempt.

Homestead Exemption

This Washington state exemption can be used to protect up to $40,000 of the equity in your home and its improvements, your land, and/or your mobile home.

Motor Vehicle Exemption

Your Washington state bankruptcy lawyers can use this exemption to protect $2,500 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file the bankruptcy with a spouse you can use both vehicle exemptions to protect up to $5,000 in vehicle equity as long as both you and your spouse are on the title to the car.

Household Goods Exemption

This bankruptcy exemption allows your lawyers to protect $2,700 of your interest in your valued household goods, appliances, furniture, and home and yard equipment.

Life Insurance Proceeds Exemption

This bankruptcy exemption can be used to protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Qualified Retirement Plan Exemption

Your bankruptcy lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as they determine that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books Exemption

This is a useful exemption that can be used to protect up to $5,000 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Exemption

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Personal Injury Exemption

Your lawyers can protect up to $16,150 of your personal injury award from creditors' reach. If you are awarded a money judgment then that is money you are personally entitled to and can be protected through a bankruptcy.

Wildcard Exemption (Any Personal Property of the Debtor)

The "wildcard" exemption is a catch-all category that permits you to protect your property not covered by any of the other exemptions. Under this exemption, we can protect up to $2,000 worth of personal property, including a maximum of $200 in cash, bank accounts, and securities.

THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS IN NO WAY GIVING ANY LEGAL ADVICE OR REPRESENTATION. THE INFORMATION CONTAINED HEREIN WAS COMPILED FROM VARIOUS ARTICLES. FOR ANY LEGAL ADVICE OR REPRESENTATION SEEK YOUR OWN LEGAL COUNSEL.