Already on ArticleSlash?

Forgot your password? Sign Up

Current Federal Bankruptcy Exemptions


Visitors: 1,078

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. 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.

We pride ourselves on our ability to be reached by clients virtually 24 hours a day. Unlike many firms, we keep you informed and we return your phone calls. My office puts the needs of the client first. Please feel free to contact our law firm with any question about your legal issue. We offer a free consultation to all clients.


Article Source:

Rate this Article: 
Learn How Experienced Federal Hill Real Estate Agent Help You Buy Your House in .
Rated 4 / 5
based on 5 votes

Related Articles:

Bankruptcy Exemptions In New Jersey

by: Shirley Yuan (February 28, 2010) 

Bankruptcy Chapter 7 Exemptions

by: Steve Bingman (April 09, 2008) 

Bankruptcy Exemptions - How Do They Work?

by: David M Siegel (June 20, 2008) 

The Current Spurt for More Federal Regulations

by: Joseph Parish (April 19, 2008) 

Does Your Current Backup System Meet Federal Regulations?

by: Andrew Stratton (May 29, 2007) 
(Computers and Technology)

Federal Bankruptcy Law - Discharged From Legal Obligation

by: James Arther (April 28, 2008) 

Federal Job Postings Require Special Resumes - Is Your Federal Resume Written ..

by: Tracey Drake (May 13, 2007) 

Federal Car Auctions - Pros and Cons of Buying Auctioned Federal Cars

by: Calvin Anderson (November 06, 2008) 

Putting The Federal Back In The Federal Reserve

by: Ellen Brown (July 24, 2008) 

Learn How Experienced Federal Hill Real Estate Agent Help You Buy Your House in .

by: Bruce Markey (December 29, 2010) 
(Real Estate)