Bankruptcy – Tools

Bankruptcy and Your Tools of the Trade

Nobody wants to see you out of work.  If you’re a trades person that requires their tools to earn an income, up to $11,300 in tools are exempt.  This means that your tools are unaffected by bankruptcy.

For illustrative purposes, if your tools of the trade are worth $16,300, which is $5,000 more than the $11,300 exemption, you would have to surrender $5,000 in tools or pay $5,000 to your Trustee in Bankruptcy to keep them.

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