Knowing what federal bankruptcy exemptions are available is important if you are considering filing for bankruptcy. Bankruptcy attorney Benjamin Ginter, who runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey, lists here the current federal exemptions.
Here are the current federal bankruptcy exemptions. Note that you can look online to see what the federal exemptions are but for the most up-to-date information you should check with your bankruptcy lawyer for a full federal and state exemptions list.
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.
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.
Pensions:
522(b)(3)(C) - Tax exempt retirement accounts; IRAs and Roth IRAs up to $1,095,000 per person.
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 $2,025.
Alimony and Child Support:
522(d)(10)(D) - Alimony and child support needed for support
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
