BkAssist ® - Exemptions Story Board - 2
The BkAssist Assets Screen shows you the assets these debtors own, their values, and the amount you are seeking to exempt:
What you're seeing:
- Press the "Auto Exempt All" button to automatically exempt all assets.
- BkAssist then tries to exempt all assets using a default statutory basis, in order of equity. In this case,
BkAssist assigned all of the automatic homestead exemption ($125,000) and all of each debtor's wildcard
exemption ($6,000 each) to the home.
- BkAssist used a federal non-bankruptcy exemption to shelter Andy's IRA. The federal non-bankruptcy exemptions are available
even in an opt-out state, of course.
- The summary boxes show you the overall picture. We can see right now that we have $166,234.00 of exposed (non-exempt) equity.
By comparing the exemption column with the value and liens column, we see which assets are exposed. There's an even easier way,
which we'll show you presently.
You'll want to refine these automatic assignments, so double-click on the residence, string collection, and tax refund assets in turn...