Federal Bankruptcy Exemptions

States that allow Federal Bankruptcy Exemptions are:

Arkansas
Connecticut
District of Columbia
Hawaii
Massachusetts
Michigan
Minnesota
New Hampshire
New Jersey
New Mexico
Pennsylvania
Rhode Island
Texas
Vermont
Washington
Wisconsin

If you live in one of the above states, you must choose between using these exemptions or the ones allowed by your state. Be sure to compare the Federal Bankruptcy Exemptions with your state’s exemptions. The Federal Bankruptcy Exemptions can be doubled by a husband and wife filing together. This list updated as of August 2007.

The following exemptions list the type, section of Title 11 of the United States Code, and an explanation of the rules associated with the exemption type and 11 USC.

Homestead:

522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion, up to $10,125, may be used for other property.

Personal Property:

522(d)(2) - Motor vehicle up to $3,225.

522(d)(3) - Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total.

522(d)(4) - Jewelry up to $1,350.

522(d)(5) - $1,075 of any property, and unused portion of homestead up to $10,125.

522(d)(9) - Health aids.

522(d)(11)(B) - Wrongful death recovery for person you depended upon.

522(d)(11)(D) - Personal injury recovery up to $20,200 except for pain and suffering or for pecuniary loss.

522(d)(11)(E) - Lost earning payments.

Pensions:

522(b)(3)(C) - Tax exempt retirement accounts; IRAs and Roth IRAs up to $1,095,000 per person.

Public Benefits:

522(d)(10)(A) - Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.

522(d)(11)(A) - Crime victim’s compensation

Tools of Trade:

522(d)(6) - Implements, books and tools of trade, up to $2,025.

Alimony and Child Support:

522(d)(10)(D) - Alimony and child support needed for support

Insurance:

522(d)(7) - Unmatured life insurance policy except credit insurance.

522(d)(8) - Life insurance policy with loan value up to $10,775.

522(d)(10)( C ) - Disability, unemployment or illness benefits

522(d)(11)( C ) - Life insurance payments for a person you depended on, which you need for support

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Federal Bankruptcy Exemptions

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