Sunday, September 20, 2009

What Property Can I Keep in Bankruptcy

Most states like Pennsylvania use the Federal Exemptions which allow you to keep a large amount of your property. The federal exemptions increase with the cost of living every year.

The 2009 Federal Exemptions:

1. A home exemption for $20, 200. The exemption applies to each debtor who resides in the home and who is on the deed so it would be doubled for a married couple filing jointly if both individuals are on the deed. In that case, the home exemption would be $40,400. Bankruptcy Code Section 522(d)(1)

2. A $3,225 vehicle exemption per debtor. U.S. Bankruptcy Code Section 522(d)(2)

3. A $10,000 household goods exemption. U.S. Bankruptcy Code Section 522(d)(3)

4. An additional $1,000 general wildcard federal exemption for additional property the debtor wishes to keep. U.S. Bankruptcy Code Section 522(d)(5)

5. If the real estate exemption is not used, then ½ of it becomes a "wildcard" exemption which can be used for any property the debtor wishes to keep. U.S. Bankruptcy Code Section 522(d)(5)

6. A retirement exemption that is almost unlimited or to be exact $1,095,000 in retirement funds. U.S. Bankruptcy Code Section 522(d)(12)

Stephen M. Dunne, Esq.
Dunne Law Offices, P.C.
(215) 854-6342
1500 JFK Blvd, Two Penn Center, Suite 200
Philadelphia, PA 19102
dunnelawoffices@gmail.com
www.dunnelawoffices.com