Posts Tagged ‘bankruptcy exemptions in Pennsylvania’

Pennsylvania Bankruptcy Exemptions

The state laws allow you to choose either the Pennsylvania bankruptcy exemptions or the federal set of exemptions – the choice is yours. If you choose to go for the state-specified exemptions, you can use the federal supplemental exemptions additionally. Following is a list of some of those assets and properties that are exemptible under the Pennsylvania bankruptcy laws. It is just a general overview; if you want a more accurate description of what types of exemptions are applicable in your specific case, you are advised to consult an experienced Pennsylvania bankruptcy attorney who specializes in handling these types of cases.

Wildcard

Wildcard exemptions are available in this state. As per the laws, you can exempt up to $300 of equity value in any property of your choice that may include proceeds from sale of exempt property, securities, real property, and even cash.

Wages

The following types of wages can be exempted in full (100%).

- Wages of victims of abuse
- Prison inmates’ wages
- Earned but unpaid wages

Tools Of Trade

Pennsylvania bankruptcy exemptions can be availed in full for tools of trade as well that include Seamstress’s sewing machine.

Public Benefits

The different types of public benefits that are exemptible in this state include the following.

- Workers’ compensation
- Veterans’ benefits
- Unemployment compensation
- Korean conflict veterans’ benefits
- Crime victims’ compensation

Personal Properties

The following personal properties are exemptible in full.

- Sewing machines
- Military uniforms and accoutrements
- Clothing
- Bibles and schoolbooks

Pensions

Pennsylvania bankruptcy exemptions can be availed in full for the following types of pensions.

- State employees pensions
- Public school employees pensions
- Police officers pensions
- Municipal employees pensions
- County employees pensions
- City employees pensions

Retirement Savings

IRAs and other Private retirement benefits can be exempted up to an extent that is tax-deferred provided there is clause the does not allow the use of the proceeds in settlement of debt.

Miscellaneous Category

Any property that you are using in a partnership business where you are one of the partners can be exempted in full (100%) in this category.

Insurance

Pennsylvania bankruptcy exemptions can be availed for various types of insurance proceeds as per the following provisions.

- 100% of No-fault automobile insurance proceeds
- 100% of Life insurance annuity policy proceeds or cash value provided spouse, child, or any other dependent on the insured is the beneficiary
- 100% of Life insurance and annuity proceeds provided there is a specific clause in the policy contract that says not to use the proceeds to pay off debts owed by the policyholder
- Up to $100 on a monthly basis in insurance policy or annuity contract payments or proceeds provided the beneficiary is no one but the insured him/her self
- 100% of Group life policy or proceeds
- 100% of Fraternal benefit society benefits
- 100% of Accident or disability benefits

Homestead

Homestead exemptions are not allowed under the laws regarding Pennsylvania bankruptcy exemptions. However, if you are holding any property as tenancy by the entirety, you can get the same exempted but against the debts owed by only one spouse.


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