Are there any assets I can exempt in Chapter 13 Bankruptcy?

Yes, in Chapter 13 Bankruptcy in Washington, there are certain assets you can exempt. Exemptions allow you to protect your assets from being liquidated in a bankruptcy. In Washington, you can exempt: 1. Equity in real estate that is your primary residence up to $125,000 (or $250,000 if you are married filing jointly). 2. Money in most retirement accounts, including 401(k)s, 403(b)s, profit sharing plans, and IRAs up to a maximum of $1,283,025. 3. Unemployment compensation. 4. Social Security payments. 5. Alimony and child support payments. 6. Most prepaid college tuition plans. 7. Tools of the trade up to $10,000. 8. Motor vehicles up to $3,250. 9. Wildcard exemptions up to $1,150 plus up to $11,525 in any unused portion of real estate exemptions. Because of the amount of assets you can protect under the Washington bankruptcy exemptions, it is important to consult with a bankruptcy attorney to find out if filing Chapter 13 bankruptcy is in your best interests. An attorney can help you determine which assets you can protect and if filing Chapter 13 bankruptcy is the right choice for you.

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