Will I be able to keep my furniture, appliance, and electronics? What about my clothing?
Furniture, appliance and electronics. These items are considered miscellaneous assets and falls within the general exemption, sometimes called the "wildcard" exemption amount of $4,000.00 for an individual person and $8,000.00 for a joint bankruptcy petition filed by a husband and wife. The way that miscellaneous assets are valued is by replacement cost taking into consideration age and condition.
All clothing that is considered to be necessary wearing apparel is exempt and you are entitled to keep the clothing without having to pay anything into the Bankruptcy Court. The "necessary wearing apparel" exemption includes certain personal items like a family bible, items of family history with strong sentimental value and may apply to certain items of heirloom value.
