Property Exemptions in Pennsylvania Bankruptcy
When filing for bankruptcy, there are certain property items that are exempt from creditors. These property exemptions prevent a person from losing particular types of assets – up to a particular dollar value – through the bankruptcy process.
In Pennsylvania, the person who is filing for bankruptcy may choose from two sets of exemptions: federal exemptions or Pennsylvania state exemptions. In most instances, it is favorable for our clients to choose the federal exemptions.
At Boyle, Autry & Murphy, we are happy to discuss questions about how the property exemptions affect your particular case during a free initial consultation, but for your convenience, we have assembled a list below that contains some of the federal bankruptcy property exemptions. Please keep in mind that a piece of property is only exempt up to a certain maximum dollar value — we have not listed those maximum amounts here because they change so frequently.
Federal bankruptcy exemptions include:
- A residence: a house, condo, trailer or other residence owned by the filer
- A motor vehicle
- Personal property: appliances, household goods, clothing, jewelry, animals, agricultural crops, musical instruments
- Pensions and retirement funds
- Federal and state benefits: Social Security benefits, lawsuit settlements and workers' compensation benefits
- Wild card: any other property item you choose, up to a maximum value
If you have questions about how bankruptcy exemptions may affect your case, contact us and we'd be happy to discuss your unique financial situation in a free initial consultation.
Speak With an Experienced Harrisburg Bankruptcy Exemptions Attorney
Property exemptions are one of the most complex parts of personal bankruptcy. Our bankruptcy law firm is happy to discuss your assets and find the best way to leverage the property exemptions afforded to you under federal or Pennsylvania law.
When you are ready to speak with an experienced Pennsylvania state exemptions lawyer, please contact us online or call us at 717-303-3756 to schedule a free initial consultation. For your convenience, we hold offices in both Cumberland County and York.
