What are the federal exemptions?

Note that many of these exemptions can be doubled if both husband and wife file bankruptcy together.

These are the preferred exemptions if you do not own a house or condo, or your house or condo has no or little equity.  Equity is the value of your home minus all mortgages and selling costs.

Summary of federal exemptions:

• $1,225 of any property. 11 U.S.C. § 522 (d)(5)

• Up to $11,500 of unused homestead exemption amount, for any property. 11 U.S.C. § 522 (d)(5)

• Real property, including co-op or mobile home, or burial plot to $22,975. 11 U.S.C. § 522 (d)(1), (d)(5)

• Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $575 per item, $12,250 total. 11 U.S.C. § 522 (d)(3)

• Health aids. 11 U.S.C. § 522 (d)(9)

• Jewelry to $1,550. 11 U.S.C. § 522 (d)(4)

• Lost earnings payments. 11 U.S.C. § 522 (d)(11)(E)

• Motor vehicle to $3,675. 11 U.S.C. § 522 (d)(2)

• Personal injury recoveries to $22,975 (not to include pain & suffering or pecuniary loss). 11 U.S.C. § 522 (d)(11)(D)

• Wrongful death recoveries for person you depended on. 11 U.S.C. § 522 (d)(11)(B)

• Alimony, child support needed for support. 11 U.S.C. § 522 (d)(10)(D)

• All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,245,475 (excluding rollover contributions); limitation can be over-ridden by judge. 11 U.S.C. § 522 (d)(12); 11 U.S.C. § 522 (n)

• Implements, books, & tools of trade to $2,300. 11 U.S.C. § 522 (d)(6)

• Disability, illness, or unemployment benefits. 11 U.S.C. § 522 (d)(10)(C)

• Life insurance payments from policy for person you depended on, needed for support. 11 U.S.C. § 522 (d)(11)(C)

• Life insurance policy loan value, in accrued dividends or interest, to $12,250. 11 U.S.C. § 522 (d)(8)

• Unmatured life insurance contract, except credit insurance policy
11 U.S.C. § 522 (d)(7)