Which Exemptions Do You Use In Bankruptcy?
Which Exemptions Do You Use In Bankruptcy? When you file bankruptcy, your exemptions determine what property you get to keep. There are federal exemptions and state-law exemptions. The exemptions you use depends on where you have lived for the past two years prior to filing bankruptcy and whether that state requires you to use its exemptions or permits you to use the federal exemption. If you’ve lived in North Carolina for the past two years, the answer is simple –