Pennsylvania Bankruptcy Exemptions
Work with a Harrisburg & York Bankruptcy Lawyer Through Your Exemption
When filing for bankruptcy, there are certain property items that may be
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.
Learning what types of property are eligible for these exemptions can be
challenging if you are unfamiliar with bankruptcy law. We always encourage
potential bankruptcy filers to contact Dethlefs, Pykosh & Murphy Law
and speak with a York bankruptcy attorney to learn more about the process.
Is your property eligible for exemptions?
In Pennsylvania, person 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 federal exemptions.
At Dethlefs, Pykosh & Murphy Law, we are happy to discuss questions
about how the property exemptions affect your particular case during a
free initial consultation. For your convenience, we have also assembled a list below that contains
some of the federal bankruptcy property exemptions.
Federal bankruptcy exemptions include:
A residence, i.e. a house, condo, trailer, or other residence owned by the filer
- Primary motor vehicle
Personal property, i.e. appliances, household goods, clothing, jewelry, animals, agricultural
crops, musical instruments
- Pensions and retirement funds
Federal and state benefits, i.e. Social Security benefits, lawsuit settlements, and workers'
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
with you during a free initial consultation.
Contact Dethlefs, Pykosh & Murphy Law today!
Property exemptions are one of the most complex parts of personal bankruptcy.
Our law firm can discuss your assets with you and work to find a favorable
way to leverage the property exemptions afforded to you under federal
or Pennsylvania law.
If you have questions or concerns regarding your situation,
contact Dethlefs, Pykosh & Murphy Law
today and schedule a consultation with our talented team. We are located
in Harrisburg, York, and Chambersburg.