The Federal Bankruptcy Exemptions are the amounts allowed under the federal bankruptcy code and they are adjusted every three years ending on April 1 to reflect changes in the Consumer Price Index.
If you are married and filing jointly, you may double all of the federal bankruptcy exemptions. For example, you may claim a homestead exemption of $50,300 (which is double the listed homestead exemption amount of $25,150).
If, in the code, a dollar amount is not listed the entire value of the property is exempt.
All code references are to 11 U.S.C. (Title 11 of the United States Code).
Homestead
522(d)(1), (5) – Real property, including mobile homes and co-ops, or burial plots up to $27,900. Unused portion of homestead, up to $13,950 may be used for other property.
Personal Property
522(d)(2) – Motor vehicle up to $4,450.
522(d)(3) – Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $700 per item, and up to $14,875 total.
522(d)(4) – Jewelry up to $1,875.
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 $27,900 except for pain and suffering or for pecuniary loss.
522(d)(11)(E) – Lost earnings payments.
Pensions
522(b)(3)(C) – Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).
522(b)(3)(C)(n) – IRAS and Roth IRAs to $1,512,350.
Public Benefits
522(d)(10)(A) – Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.
522(d)(11)(A) – Crime victim’s compensation.
Tools of Trade
522(d)(6) – Implements, books and tools of trade, up to $2,800.
Alimony and Child Support
522(d)(10)(D) – Alimony and child support needed for support.
Insurance
522(d)(7) – Un-matured life insurance policy except credit insurance.
522(d)(8) – Life insurance policy with loan value up to $14,875.
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.
Wildcard
522(d)(5) – $1,475 of any property, and unused portion of homestead up to $13,950.