Hi there, this is Jonathan Ginsberg. I'm one of the attorneys here at the Bankruptcy Law Network. Today, I'd like to talk to you about exemptions in bankruptcy. Basically, exemptions are created by either the state legislature or Congress, and they determine which property does not count for purposes of your assets. In other words, if you have exempt property, it is not going to be taken by the trustee. It's something you keep regardless of what happens in bankruptcy. So, let's say you go into Chapter 7 bankruptcy and you have $100,000 of credit card debt. If you have household goods and clothes, you get to keep all of that. It is considered exempt property. Essentially, this is property that you keep regardless of whatever else happens in bankruptcy. The key thing to know about exemptions is that every state is going to be different. I practice in Georgia, and here, the legislature has set out an exemption statute. Some states have opted out of the federal exemption law, like Georgia. Other states use the federal exemption law. So, the numbers that apply in Georgia do not apply in other states like South Carolina, Michigan, or Tennessee. It's going to be very different. Therefore, you need to be very careful about relying on information you find on the internet. I'm going to show you in a second how some very well-known resources are absolutely wrong. It's crucial to talk to an experienced lawyer in your jurisdiction. Now, the examples I'm giving you are specific to Georgia. However, please do not assume that these figures and exemption numbers apply in your state, because they most likely do not. The purpose here is to give you an understanding of the principles of how exemptions work. Let's start with an example of a house...
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