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If you live in one of these states, you may select from the 10 federal bankruptcy exemptions listed below!

Federal Exemptions

Homestead
Insurance
Miscellaneous
Pensions
Personal Property
Public Benefits
Tools of Trade
Wages
Special Notes

States that allow federal bankruptcy exemptions

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

Asset

Exemptions

Code Reference

Up
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)

Asset

Exemptions

Code Reference

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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)

Asset

Exemptions

Code Reference

Up
Miscellaneous


Alimony, child support needed for support


(d) (10) (D)

Asset

Exemptions

Code Reference

Up
Pensions


ERISA-qualified benefits needed for support


(d) (10) (E)

Asset

Exemptions

Code Reference

Up
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)

Asset

Exemptions

Code Reference

Up
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)

Asset

Exemptions

Code Reference

Up
Tools of trade


Implements, books & tools of trade to $1,625


(d) (6)

Asset

Exemptions

Code Reference

Up
Wages


None


N/A

Asset

Exemptions

Code Reference

Up
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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Special Notes

Married couples may double all exemptions!

All references are to 11 USC § 522. These exemptions were last adjusted on April 1, 1998, and are adjusted at every three-year interval ending on April 1 thereafter, to reflect changes in the Consumer Price Index.

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