Pennsylvania, PA Bankruptcy Exemptions

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Pennsylvania, PA Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Pennsylvania, PA Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Pennsylvania, PA Bankruptcy Exemptions

All law references are to New Jersey Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	None, but tenancies by the entirety are exempt without limit as to debts of one spouse	[In re McCormick, 18 B.R. 911 (W D. Pa. 1982)].
INSURANCE	Accident or disability benefits	42-8124
	Fraternal benefit society benefits	42-8124( c) (5)
	Group life policy or proceeds	42-8124( c) (3)
	Insurance policy or annuity contract payments, where insured is the beneficiary, cash value or proceeds to $100 per month	42-8124( c) (6)
	No-fault automobile insurance proceeds	42-8124( c) (9)
	Annuity or life insurance proceeds if policy provides such proceeds are not assignable	42-8124
	Annuity or life insurance proceeds if beneficiary is decedent's spouse, child, or other dependent relative	42-8124
MISCELLANEOUS	Property of business partnership	15-8342
PENSIONS	City employees	53-13445, 53-23572, 53-39383
	County employees	16-4716
	Municipal employees	42-8124 & 53-881.115
	Police officers	53-764, 53-776, 53-23666
	Private retirement benefits if clause prohibits proceeds from being used to pay beneficiary’s creditors, to extent tax-deferred; exemption limited to $15,000 per year deposited; no exemption for amount deposited within 1 year of filing	42-8124(b)
	Public school employees	24-8533 & 42-8124
	State employees	42-8124 & 71-5953
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Bibles, schoolbooks & sewing machines	42-8124(a) (2), (3)
	Clothing	42-8124(a) (1)
	Uniform & accoutrements	42-8124(a) (4)
	$300 of any property.	42-8123
PUBLIC BENEFITS	Crime victims’ compensation	18-11.708
	Korean conflict veterans’ benefits	51-20098
	Unemployment compensation	42-8124(a) (10), 43-863
	Veterans’ benefits	51-20012
	Workers’ compensation	42-8124( c) (2)
WAGES	Earned but unpaid wages	42-8127
	Victims' of abuse wages.	42-8127
	Prison inmates' wages.	61-1054

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