There are numerous laws governing bankruptcy exemptions, but a debtor has two options: state exemption laws or federal exemption laws. However, only 15 states and the District of Columbia permit debtors to select between federal and state exemption laws. Arkansas, Connecticut, Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin are the states in question.
defining the types of property exempt from federal taxation
Again, only the 15 states and the District of Columbia allow a debtor to utilize federal exemption laws. Note that these exemptions can be multiplied if the debtor files jointly with his or her spouse.
True attribute
Real estate, co-op, or manufactured home up to $16,150.00
Private Property
Animals, appliances, literature, clothing, crops, home furnishings, and musical instruments: up to $425 per item, or $8,625.00 in total.
Automobiles: up to $2,950.00
Gemstones: up to $1,225.00
Trade tools, or work tools: up to $1,625.00
Health Assistance: limitless
Gravesites: up to $16,500.00
Other property: a maximum of $8,075.00
Wages and Pensions, Benefits and Recoupments
Funds for Personal Injury: up to $16,500.00
No compensation is paid
Funds for Wrongful Death: only quantity required for ongoing support
Unlimited income lost
Retirement Benefits: Only Amount Required for Subsistence
Alimony: the only quantity required for ongoing support
Unemployment Compensation: unlimited
Veteran's benefits: unlimited
Unlimited crime victim compensation
Unrestricted Social Security and Public Assistance
Health and life Insurance
Disability: unlimited
Unemployment compensation: unlimited
Loan and/or dividends and/or interest on a life insurance policy: up to $8,625.00
Life insurance proceeds: only the amount required to support the beneficiary
Educational Grants
At least one year prior to the bankruptcy petition, educational funds must be deposited into an educational retirement account or a state tuition program. However, the Internal Revenue Code establishes certain restrictions.
Which exemption laws to use in each state:
If you have resided in a state for 730 days (two years), you must utilize state exemption laws. If you have not resided in a single state for the past two years, use the state where you spent the majority of the 180 days preceding the two-year period.""
" - https://www.affordablecebu.com/
