Current Federal Bankruptcy Exemptions

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Current Federal Bankruptcy Exemptions

 

It is necessary for you to know what federal bankruptcy exemptions are available if you would like to file for bankruptcy. Bankruptcy attorney Benjamin Ginter runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey. He says you may choose to use either the federal or state exemptions when you file for bankruptcy. Here, he talks about the current federal exemptions.

Here is the list of current federal bankruptcy exemptions.

1.      Pensions

522(b)(3)(C) – Tax exempt retirement accounts; IRAs and Roth IRAs up to $1,095,000 per person.

2. Homestead

522(d)(1) – Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may be used for other property.

3. Tools of Trade

522(d)(6) – Implements, books and tools of trade up to $2,025.

4. Alimony and Child Support

522(d)(10)(D) – Alimony and child support needed for support.

5. Public Benefits

522(d)(10)(A) – Public assistance, social security, veteran’s benefits, and unemployment compensation.

522(d)(11)(A) – Crime victim’s compensation.

6. Insurance

522(d)(7) – Unmatured life insurance policy except credit insurance.

522(d)(8) – Life insurance policy with loan value up to $10,775.

522(d)(10)( C ) – Disability, unemployment or illness benefits.

522(d)(11)( C ) – Life insurance payments for a person you depended on, which you need for support.  

7. Personal Property

522(d)(2) – Motor vehicle up to $3,225.

522(d)(3) – Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total.

522(d)(4) – Jewelry up to $1,350.

522(d)(5) – $1,075 of any property, and unused portion of homestead up to $10,125.

522(d)(9) – Health aids.

522(d)(11)(B) – Wrongful death recovery for person you depended upon.

522(d)(11)(D) – Personal injury recovery up to $20,200 except for pain and suffering or for pecuniary loss.

522(d)(11)(E) – Lost earnings payments.

You can look online to see the federal bankruptcy exemptions. But for the most up-to-date information, you should check with your bankruptcy lawyer for a full federal exemption list.

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