Federal Bankruptcy Exemptions
Federal law also provides for bankruptcy exemptions. Federal exemptions are only available in certain states as the remaining states have opted out.
Debtors in the following states may select State or Federal Bankruptcy Exemptions:
Arkansas
Connecticut
District of Columbia
Hawaii
Kentucky
Massachusetts
Michigan
Minnesota
New Hampshire
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New Jersey
New Mexico
Pennsylvania
Rhode Island
Texas
Vermont
Washington
Wisconsin
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If you live in a state that has not opted out of the federal bankruptcy exemptions, you have the right to use either the federal or state exemptions. You are not allowed to mix and match from both, so compare both sets and choose the exemption table that best helps your personal situation.
MARRIED COUPLES FILING JOINTLY MAY DOUBLE ALL EXEMPTIONS All references are to 11 USC § 522. |
ASSET |
EXEMPTION |
LAW PROVISION |
HOMESTEAD
|
Real property, including co-op or mobile home, to $23,675; unused portion of homestead to $11,850 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 $12,625
Unmatured life insurance contract, except credit insurance policy |
(d)(10)(C)
(d)11)(C)
(d)(8)
(d)(7) |
MISC. |
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 $600 per item, $12,625 total
Health aids
Jewelry to $1,600
Lost earnings payments
Motor vehicle to $3,775
Personal injury recoveries to $22,975 (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 $2,375 |
(d)(6) |
WAGES |
NONE |
|
WILD CARD |
$1,250 of any property
Up to $11,850 of unused homestead exemption, for any property |
(d)(5)
(d)(5) |
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