Keeping Your Home, Vehicle and Property
Many people fear bankruptcy because they think they will lose everything they have. At Leen & O'Sullivan, PLLC, we develop and implement a plan designed to obtain maximum debt relief for you, while securing much of your property. We have helped thousands of people get debt relief while enabling them to keep their homes, vehicles, bank accounts, retirement accounts and other personal possessions.
Federal and Washington State law enable a person to exempt certain types of property and protect it from the reach of creditors. Our attorneys understand and will make full use of all available exemptions to enable you to keep as much of your property as possible.
In Washington State, you may choose to file either under the Federal Exemptions or the State Exemptions, not both.
Federal Bankruptcy Exemptions
| Homestead | $20,200 |
| Life Insurance proceeds unmatured | $10,775 |
| $475 per item in any household goods up to a total of $10,775 | $10,775 |
| Jewelry | $1,350 |
| Motor vehicle | $3,225 |
| Personal injury compensation payments | $20,200 |
| Tools of trade - books and equipment | $2,025 |
| Wild Card • $925 of any property up to a total of $11,200 | $11,200 |
Washington State Exemptions
| Homestead | up to $125,000 |
| Appliances, furniture, household goods & home yard equipment | $2700 total |
| Books | $1,500 |
| Clothing | up to $1,000 |
| Furs, Jewelry and Personal Ornaments | up to $1,000 |
| Food and Fuel for 3 months | up to $2,700 |
| 1 motor vehicle for each individual | up to $2,500 total |
| 2 motor vehicles as community property of spouses | up to $5000 total |
| Personal bodily injury payments or payment for loss of future earnings to the extent reasonably necessary | not to exceed $16,150 |
| Tools of the Trade | up to $5000 Professional, and $5,000 Books and Equipment, and $5,000 for Farmers |
| Wild Card | $2000 of any personal property (no more than $200 in cash, bank deposits, bonds, stocks & securities) |
Our firm will create a personalized plan for you. We are skilled at developing creative asset protection solutions. This task is easier when you plan for bankruptcy. For example, it might make sense for you to transfer some cash into a retirement account, which is exempt.
Free Consultation with a Lawyer
A bankruptcy lawyer at Leen & O'Sullivan, PLLC, located in Seattle, can review your options and recommend the right solution for you. Contact us today to learn more about bankruptcy and debt relief.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
