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Attention: All 94-bankruptcy districts charge the same filing fees. Chapter 7: $299 Chapter 13: $274 |
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FEDERAL BANKRUPTCY EXEMPTION SUMMARYHow to use this table of exemptions, by Attorney Thomas Prediletto. The following states allow a bankruptcy petitioner to select between either Federal exemptions or state exemptions, Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin. You can select only one system, and you must choose all exemptions from the system you choose. The following is a summary of the Federal exemptions that can be claimed (used) to exempt both real and personal property in your bankruptcy petition. Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a “matching” exemption. The Federal exemptions contain a “wildcard” which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt. The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors. By way of example, if you own a home worth $250,000 and owe a total of $240,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $10,000. Since the homestead exemption in the Federal exemptions is $21,625 the equity of $10,000 is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $200,000 against it, the first $21,625 would be protected under the homestead exemption and the remaining $28,375 would be subject to the claims of the unsecured creditors. The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home. Please note, if you need to use the wildcard exemptions to protect any of your property and have equity in a home, the amount of wildcard exemption will be reduced by the amount of equity in the home and therefore you may not be able to use the wildcard if you have a lot of equity in your home. To view Federal exemption list and amounts available, click here or scroll down the page. To view Federal US Codes, visit Cornell University Law School - US Code. Federal exemptions are subject to change every three (3) years, see 11 USC § 104. Last change April 1, 2010. |
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| Description | LAW |
Max Individual Amount |
Max Joint Amount |
| Alimony, Support | 11 USC § 522(d)(10)(D) | UNLIMITED | |
| Any property (up to $1,150 + $11,525 of unused homestead) | 11 USC § 522(d)(5) | See Description | |
| Crime Victims Reparation Law Benefits | 11 USC § 522(d)(11)(A) | UNLIMITED | |
| Debtors Interest In Real/Pers. Property | 11 USC § 522(d)(1) | $21,625.00 | $43,250.00 |
| Disability, Illness, Unempl. Benefits | 11 USC § 522(d)(10)(C) | UNLIMITED | |
| Future Earnings Compensation Payments | 11 USC § 522(d)(11)(E) | UNLIMITED | |
| Health Aids | 11 USC § 522(d)(9) | UNLIMITED | |
| Household Furnishings | 11 USC § 522(d)(3) | $11,525.00 | $23,050.00 |
| Jewelry | 11 USC § 522(d)(4) | $1,450.00 | $2,900.00 |
| Life Insurance - Unmatured | 11 USC § 522(d)(7) | UNLIMITED | |
| Life Insurance Payments | 11 USC § 522(d)(11)(C) | UNLIMITED | |
| Life Insurance Proceeds - Unmatured | 11 USC § 522(d)(8) | $11,525.00 | $23,050.00 |
| Motor Vehicle | 11 USC § 522(d)(2) | $3,450.00 | $6,900.00 |
| Personal Injury Payments | 11 USC § 522(d)(11)(D) | $21,625.00 | $43,250.00 |
| Retirement Funds Exempt From Taxation | 11 USC § 522(d)(12) | UNLIMITED | |
| Social Security Or Unemployment Benefits | 11 USC § 522(d)(10)(A) | UNLIMITED | |
| Stock Bonus, Pension, Annuity Payment | 11 USC § 522(d)(10)(E) | UNLIMITED | |
| Tenant By The Entirety | 11 USC § 522(b)(3)(B) | UNLIMITED | |
| Tools Of Trade - Books, Equipment | 11 USC §522(d)(6) | $2,175.00 | $4,350.00 |
| Veteran's Benefits | 11 USC § 522(d)(10)(B) | UNLIMITED | |
| Wrongful Death Payments | 11 USC § 522(d)(11)(B) | UNLIMITED | |
| (a) | On April 1, 1998, and at each 3-year interval ending on
April 1 thereafter, each dollar amount in effect under sections
101 (3), 101 (18), 101(19A), 101(51D), 109 (e), 303 (b), 507
(a), 522 (d), 522 (f)(3) and 522 (f)(4), 522 (n), 522 (p), 522
(q), 523 (a)(2)(C), 541 (b), 547 (c)(9), 707 (b), 1322 (d),
1325 (b), and 1326 (b)(3) of this title and section 1409 (b)
of title 28 immediately before such April 1 shall be adjusted—
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| (b) | Not later than March 1, 1998, and at each 3-year interval
ending on March 1 thereafter, the Judicial Conference of the
United States shall publish in the Federal Register the dollar
amounts that will become effective on such April 1 under sections
101 (3), 101 (18), 101(19A), 101(51D), 109 (e), 303 (b), 507
(a), 522 (d), 522 (f)(3) and 522 (f)(4), 522 (n), 522 (p), 522
(q), 523 (a)(2)(C), 541 (b), 547 (c)(9), 707 (b), 1322 (d),
1325 (b), and 1326 (b)(3) of this title and section 1409 (b)
of title 28. |
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| (c) | Adjustments made in accordance with subsection (a) shall
not apply with respect to cases commenced before the date of
such adjustments. |
| (a) |
In this section— (1) “dependent” includes spouse, whether or not actually dependent; and (2) “value” means fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after such date, as of the date such property becomes property of the estate. |
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| (b) |
(1) Notwithstanding section
541 of this title, an individual debtor may exempt from property
of the estate the property listed in either paragraph (2) or,
in the alternative, paragraph (3) of this subsection. In joint
cases filed under section 302 of this title and individual cases
filed under section 301 or 303 of this title by or against debtors
who are husband and wife, and whose estates are ordered to be
jointly administered under Rule 1015(b) of the Federal Rules
of Bankruptcy Procedure, one debtor may not elect to exempt
property listed in paragraph (2) and the other debtor elect
to exempt property listed in paragraph (3) of this subsection.
If the parties cannot agree on the alternative to be elected,
they shall be deemed to elect paragraph (2), where such election
is permitted under the law of the jurisdiction where the case
is filed. (2) Property listed in this paragraph is property that is specified under subsection (d), unless the State law that is applicable to the debtor under paragraph (3)(A) specifically does not so authorize. (3) Property listed in this paragraph is—
If the effect of the domiciliary requirement under subparagraph (A) is to render the debtor ineligible for any exemption, the debtor may elect to exempt property that is specified under subsection (d). (4) For purposes of paragraph (3)(C) and subsection (d)(12), the following shall apply:
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(c) |
Unless the case is dismissed, property exempted
under this section is not liable during or after the case for
any debt of the debtor that arose, or that is determined under
section 502 of this title as if such debt had arisen, before
the commencement of the case, except—
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| (d) |
The following property may be exempted under
subsection (b)(2) of this section: (1) The debtor’s aggregate interest, not to exceed $15,000 [$21,625 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor. (2) The debtor’s interest, not to exceed $2,400 [$3,450 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in value, in one motor vehicle. (3) The debtor’s interest, not to exceed $400 [$550 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in value in any particular item or $8,000 [$11,525 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor. (4) The debtor’s aggregate interest, not to exceed $1,000 [$1,450 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor. (5) The debtor’s aggregate interest in any property, not to exceed in value $800 [$1,150 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] plus up to $7,500 [$10,825 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] of any unused amount of the exemption provided under paragraph (1) of this subsection. (6) The debtor’s aggregate interest, not to exceed $1,500 [$2,175 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor. (7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract. (8) The debtor’s aggregate interest, not to exceed in value $8,000 [$11,525 effective April 1, 2010. Adjusted every 3 years by 11 USC § 104] less any amount of property of the estate transferred in the manner specified in section 542 (d) of this title, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent. (9) Professionally prescribed health aids for the debtor or a dependent of the debtor. (10) The debtor’s right to receive—
(11) The debtor’s right to receive, or property that is traceable to—
(12) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986. |
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| (e) |
A waiver of an exemption executed in favor
of a creditor that holds an unsecured claim against the debtor
is unenforceable in a case under this title with respect to
such claim against property that the debtor may exempt under
subsection (b) of this section. A waiver by the debtor of a
power under subsection (f) or (h) of this section to avoid a
transfer, under subsection (g) or (i) of this section to exempt
property, or under subsection (i) of this section to recover
property or to preserve a transfer, is unenforceable in a case
under this title. |
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| (f) |
(1) Notwithstanding any waiver
of exemptions but subject to paragraph (3), the debtor may avoid
the fixing of a lien on an interest of the debtor in property
to the extent that such lien impairs an exemption to which the
debtor would have been entitled under subsection (b) of this
section, if such lien is—
(2)
(3) In a case in which State law that is applicable to the debtor—
the debtor may not avoid the fixing of a lien on an interest of the debtor or a dependent of the debtor in property if the lien is a nonpossessory, nonpurchase-money security interest in implements, professional books, or tools of the trade of the debtor or a dependent of the debtor or farm animals or crops of the debtor or a dependent of the debtor to the extent the value of such implements, professional books, tools of the trade, animals, and crops exceeds $5,000. (4)
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| (g) |
Notwithstanding sections 550 and 551 of this
title, the debtor may exempt under subsection (b) of this section
property that the trustee recovers under section 510 (c)(2),
542, 543, 550, 551, or 553 of this title, to the extent that
the debtor could have exempted such property under subsection
(b) of this section if such property had not been transferred,
if—
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| (h) |
The debtor may avoid a transfer of property
of the debtor or recover a setoff to the extent that the debtor
could have exempted such property under subsection (g)(1) of
this section if the trustee had avoided such transfer, if—
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| (i) |
(1) If the debtor avoids a transfer or recovers a setoff under subsection (f) or (h) of this section, the debtor may recover in the manner prescribed by, and subject to the limitations of, section 550 of this title, the same as if the trustee had avoided such transfer, and may exempt any property so recovered under subsection (b) of this section. (2) Notwithstanding section 551 of this title, a transfer avoided under section 544, 545, 547, 548, 549, or 724 (a) of this title, under subsection (f) or (h) of this section, or property recovered under section 553 of this title, may be preserved for the benefit of the debtor to the extent that the debtor may exempt such property under subsection (g) of this section or paragraph (1) of this subsection. |
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| (j) |
Notwithstanding subsections (g) and (i) of
this section, the debtor may exempt a particular kind of property
under subsections (g) and (i) of this section only to the extent
that the debtor has exempted less property in value of such
kind than that to which the debtor is entitled under subsection
(b) of this section. |
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| (k) |
Property that the debtor exempts under this
section is not liable for payment of any administrative expense
except—
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| (l) | The debtor shall file a list of property that
the debtor claims as exempt under subsection (b) of this section.
If the debtor does not file such a list, a dependent of the
debtor may file such a list, or may claim property as exempt
from property of the estate on behalf of the debtor. Unless
a party in interest objects, the property claimed as exempt
on such list is exempt. |
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| (m) | Subject to the limitation in subsection (b),
this section shall apply separately with respect to each debtor
in a joint case. |
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(n) |
For assets in individual
retirement accounts described in section 408 or 408A of the
Internal Revenue Code of 1986, other than a simplified employee
pension under section 408(k) of such Code or a simple retirement
account under section 408(p) of such Code, the aggregate value
of such assets exempted under this section, without regard to
amounts attributable to rollover contributions under section
402(c), 402(e)(6), 403(a)(4), 403(a)(5), and 403(b)(8) of the
Internal Revenue Code of 1986, and earnings thereon, shall not
exceed $1,000,000 in a case filed by a debtor who is an individual,
except that such amount may be increased if the interests of
justice so require. |
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(o) |
For purposes of subsection
(b)(3)(A), and notwithstanding subsection (a), the value of
an interest in—
shall be reduced to the extent that such value is attributable to any portion of any property that the debtor disposed of in the 10-year period ending on the date of the filing of the petition with the intent to hinder, delay, or defraud a creditor and that the debtor could not exempt, or that portion that the debtor could not exempt, under subsection (b), if on such date the debtor had held the property so disposed of. |
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| (p) |
(1) Except as provided in
paragraph (2) of this subsection and sections 544 and 548, as
a result of electing under subsection (b)(3)(A) to exempt property
under State or local law, a debtor may not exempt any amount
of interest that was acquired by the debtor during the 1215-day
period preceding the date of the filing of the petition that
exceeds in the aggregate $125,000 in value in—
(2)
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| (q) |
(1) As a result of electing
under subsection (b)(3)(A) to exempt property under State or
local law, a debtor may not exempt any amount of an interest
in property described in subparagraphs (A), (B), (C), and (D)
of subsection (p)(1) which exceeds in the aggregate $125,000
if—
(2) Paragraph (1) shall not apply to the extent the amount of an interest in property described in subparagraphs (A), (B), (C), and (D) of subsection (p)(1) is reasonably necessary for the support of the debtor and any dependent of the debtor. |
