Statement of Exemptions

A Statement of Exemptions is a legal document filed by a debtor in a bankruptcy case to claim certain property as exempt from the bankruptcy estate and therefore protected from seizure or sale by the bankruptcy trustee. Exemptions are provided for by federal and state law and are designed to allow debtors to retain certain essential property, such as a primary residence, a vehicle, and household goods, while still providing for the payment of creditors to the extent possible. The Statement of Exemptions must include a detailed list of the property claimed as exempt, along with the legal basis for each exemption. The bankruptcy trustee and creditors have the right to object to the claimed exemptions if they believe that the property is not eligible for exemption or that the value of the property exceeds the allowable exemption amount.