I had surgery,and lost my job. I will get a small amount of money, but significant enough to live on for about year while I get back on my feet. I am also 1000's of dollars in medical and credit card debt. Can I keep the money I ail get from job to live on, and file bankruptcy?
Whether and to what extent you can keep any assets, including money owed to you from your job, depends on which bankruptcy chapter you file and which state's or federal exemption laws apply in your case.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
You need to consult with a bankruptcy attorney in your area for more details.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
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