Bankruptcy Tools Of The Trade
Can you claim an exemption for musical instruments in chapter 7 bankruptcy?
I play the bagpipe semi-professionally and do paid services of various types for the general public. Is this enough to qualify them as a “tool of trade” and therefore be exempt from liquidation?
The bankruptcy code allows each individual who files bankruptcy to keep basic assets deemed necessary for the debtor’s “fresh start” after bankruptcy. That property is the debtor’s “exempt property”.
First, the exemption systems permit debtors to retain the means of day- to- day living, free from the claims of their creditors. The point of bankruptcy is to get a fresh start and that is only possible if the debtor has something to start with.
So you may keep your bagpipes and all white goods in your possession.
Bankruptcy
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