Properties Exemptions Under The New Mexico Bankruptcy Laws

As per the New Mexico bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the New Mexico bankruptcy district courts.

•The Homestead Exemptions are allowed only to the married, widowed or the people who are supporting others. The maximum amount of exemptions they can claim in this regard is thirty thousand dollars. If you are a married couple and are filing bankruptcy jointly, the maximum amount exemptible will be sixty thousand dollars.
•Like most of the other states in America, the Insurance Exemptions under the New Mexico also include fraternal benefit society benefits.
•Again, if you are a permanent resident and a citizen of New Mexico, you can also exempt Life, accident, health or annuity benefits, withdrawal or cash value up to any amount.
•Benevolent association benefits have specifically been mentioned in the insurance exemptions by the New Mexico bankruptcy laws. The amount exemptible in this regard can be up to five thousand dollars in value.
•Pension funds are exempted under the New Mexico bankruptcy laws, but only Public school employees are eligible for such exemptions.
•As per the New Mexico bankruptcy laws, the ownership interest in unincorporated association is also exemptible under the miscellaneous exemptions.
•Wild Card exemptions include any personal property up to five hundred dollars in value. In this section, you can also exempt any property in lieu of homestead up to two thousand dollars.

Properties Exempted Under Michigan Bankruptcy Laws

Following are some of the properties and their values that are exempted as per the Michigan Bankruptcy Laws.

•Residential properties up to $3500
•Personal properties including utensils, furniture, books and other household appliances – up to the value of one thousand dollars as a whole
•Insurance policies that are exempted include health benefits, society benefits, etc.
•Pension funds that are exempted include ERISA-qualified benefits, IRAs etc.
•Following are some of the individuals who pension funds are exempted as per the Michigan Bankruptcy Laws.
◦Public school employees
◦Police officers
◦State employees
◦Legislators
◦Judges, including Probate Judges
◦Firefighters, etc
•Tools of trade – up to one thousand dollars
•All types of clothing and family pictures are included in the exemption
•Wild card, however is not exempted under the Michigan Bankruptcy Laws
•You can keep all the properties that are exempted as per the Michigan Bankruptcy Laws.

Important Points Regarding The Michigan Bankruptcy Laws

Following are some of the other points that you need to know regarding the Michigan Bankruptcy Laws.

•If you do not want to use the exemptions as described in the Michigan Bankruptcy Laws, the same law also allows you the liberty to choose the federal exemptions statutes.
•Married couples are allowed to file the court petition for any kind of bankruptcy jointly and they can claim a complete set of exemptions individually, but they are supposed to mention it in the bankruptcy forms while they are filing bankruptcy.
•If you want to keep a property that is non-exempted, you will have to pay the value of that specific property to the trustee appointed by the bankruptcy court to handle your specific bankruptcy case.

Important Points Regarding The Alaska Bankruptcy Laws

Following are the properties that are exempted under the Alaska bankruptcy laws.

•Residential properties up to fifty four thousand dollars. Even if the properties have more than one owner, they are exempted but such exemptions are subject to certain liens.

•Insurance policies that are exempted include the following benefits.

◦All kinds of disability benefits irrespective of its value in dollars
◦Fraternal and society benefits are also exempted up to any value
◦Contract loan or Life insurance annuity up to the value of ten thousand dollars.
◦Full value of the life insurance benefits, but in order to qualify for the same, the debtor in this case must be spouse or child of the person insured.

•All kinds of medical and health benefits are also exempted to its full value.

•Pension funds up to full value are exempted for the following individuals.

◦Teachers
◦Public employees
◦Judicial employees
◦Other pension funds that are exempted include those ERISA qualified benefits that have been deposited four months or more before filing court petition for bankruptcy.

•Exempted personal properties include everything, including books, clothing, family pictures etc, but only up to the value of three thousand dollars as a whole.

•One car or any other vehicle up to the value of three thousand dollars.

•Jewelry up to the value of one thousand dollars

•Tools of trade up to the value of twenty eight hundred dollars.