Bankruptcy Exemptions Increase in Some States

In the coming 2010 year, three states will be eligible for larger bankruptcy exemptions. These three states include Wisconsin, California and North Carolina.

The legislation passed last year has already gone into effect in Wisconsin, which began its “homestead exemption” increase to $75,000 as of December 2009. This is a vast increase from the previous exemption limit at $40,000. Furthermore, this exemption can be expanded when a married couple jointly files, bringing the total to about $150,000.

California has also increased its homestead exemption since the beginning of this month. The new exemption figures are $75,000 for an individual and $100,000 for jointly filed couples. There are also special requirements for older seniors that will let them enjoy a $175,000 exemption.

North Carolina’s exemption nearly doubled, and now resides at $35,000 for individuals as of December of last year. There is also a $65,000 homestead exemption if you are over 65 and other specific circumstances permit.

If you are currently suffering through financial difficulty bankruptcy may be the best solution for you. Call 800-260-1402 to speak with an attorney that can provide you with the most up to date information about personal bankruptcy and how it can help you get your life back.

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