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Bankruptcy Information
Bankruptcy Federal Exemptions

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Not all states allow you the option of choosing Federal Exemptions when you file bankruptcy.  The following states do allow you to use Federal or State Exemptions.

States that allow Federal Bankruptcy Exemptions are:

Arkansas Connecticut District of Columbia Hawaii

Massachusetts Michigan Minnesota New Jersey

New Mexico Pennsylvania Rhode Island South Carolina

Texas Vermont Washington Wisconsin

Click Here for Federal Non-Exempt Property.

 

ASSET	EXEMPTION	LAW PROVISION
Homestead	Real property, including co-op or mobile home, to $16,150; unused portion of homestead to $7,500 may be applied to any property	(d)(1)
Insurance	Disability, illness or unemployment benefits Life insurance payments for persons who depend on debtor, needed for support Life insurance policy with loan value, in accrued dividends or interest, to $8,625 Unmatured life insurance contract, except credit insurance policy	(d)(10)(C) (d)11)(C) (d)(8) (d)(7)
Miscellaneous	Alimony, child support needed for support	(d)(10(D)
Pensions	ERISA-qualified benefits needed for support	(d)(10)(E)
Personal property	Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $425 per item, $8,625 total Health aids Jewelry to $1,075 Lost earnings payments Motor vehicle to $2,575 Personal injury recoveries to $16,150 (not to include pain and suffering or pecuniary loss) Wrongful death recoveries for person debtor depended on	(d)(3) (d)(9) (d)(4) (d)(11)(E) (d)(2) (d)(11)(D) (d)(11)(B)
Public benefits	Crime victims’ compensation Public assistance Social Security Unemployment compensation Veterans’ benefits	(d)(11)(A) (d)(10)(A) (d)(10)(A) (d)(10)(A) (d)(10)(A)
Tools of trade	Implements, books & tools of trade to $1,625	(d)(6)
Wages	NONE
WILD CARD	$850 of any property Up to $7,500 of unused homestead exemption, for any property	(d)(5) (d)(5)

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Page Last Updated
Friday June 29, 2007