Hawaii Bankruptcy Exemptions

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What Are Hawaii Bankruptcy Exemptions?

Major exemptions available when filing for bankruptcy in Hawaii are listed below. Hawaii is one of the few states which allow its residents to choose between the federal and state exemptions. Citizens who file for bankruptcy in Hawaii may choose between the exemption system listed below or the federal exemption system.

However, the debtor may not pick and choose between the systems. If the debtor chooses to use the Hawaii homestead exemption, the debtor must use all the other Hawaii exemptions. Likewise, if the debtor uses the federal homestead exemption, the debtor must also use the federal exemptions for personal property.

A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.

1) Homestead

2) Equity in automobile

3) Personal property

4) Tools of the trade

5) Insurance

6) Pensions

7) Public benefits

8) Alimony and child support

9) Wages

Do I Need a Bankruptcy Lawyer?

Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. Either the Hawaii bankruptcy exemption statute or the federal bankruptcy exemption system can be used when filing for exemptions in Hawaii.

A bankruptcy lawyer knows the particulars of filing for bankruptcy and can recommend what chapter of bankruptcy is right for you, and also ensure that your exemptions are filed correctly. A bankruptcy lawyer can provide you more information if there is a legal basis for your bankruptcy case.

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Last Modified: 03-23-2015 11:03 AM PDT

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