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If you own a house, but there's no value in the house for the creditors, it will be exempt property. The same with the car that you need to drive to work so that you can make a new start. It will also be exempt, unless there's great value in it

several ways to decide what is going to be exempt and what isn't. Basically you have to consider the resale value of whatever it is that is in question to see whether or not you think it is going to be able to be resold for a higher value than you owe. If not, then that property will be exempt and you'll be able to make a fresh beginning with it. If you have any questions, talk to a lawyer about what is and what is not exempt property

, unless there's great value in it for the creditors. Also, any retirement funds or other funds that you've acquired are not going to be able to be taken by the creditors because they're exempt property. Your home goods are not usually found to have been of any resale value, so these are exempt also. The bank cannot