When you file for bankruptcy, this does not mean you will have to lose
all your possessions to creditors. There are certain exempt properties
that you may keep so you can have a fresh start once the process is finished.
There are a variety of federal bankruptcy exemptions, as well as state
bankruptcy exemptions that are available. In general, you will need to
choose between federal or state exemptions, as you are not allowed to
With federal bankruptcy exemptions, you may keep possession of your:
- Primary vehicle
- Place of residence
- Federal and state benefits
- Retirement funds and pensions
- Some personal property items
In addition, you get a “wild card” that you may use to request
possession of property up to a specific dollar amount. There are also
state bankruptcy exemptions in Pennsylvania that you may choose instead
of federal exemptions. You will need to discuss your situation with one
of our knowledgeable
Harrisburg bankruptcy attorneys to determine whether federal or state bankruptcy exemptions will provide
the greatest benefit to your situation.
In Pennsylvania, you may be able to maintain possession of your:
- Personal property
- Certain insurance
- Public benefits
- Business partnership property
You will also be able to use a “wild card” that allows you
to keep property up to $300. If you choose state exemptions, you may also
be able to add on federal non-bankruptcy exemptions, such as death and
disability benefits, survivor’s benefits, retirement benefits, and
more. Personal property may refer to clothing, books, uniforms, accoutrements,
household goods, jewelry, animals, appliances, and other items.
Call Dethlefs Pykosh & Murphy Today at (717) 559-0271
If you are facing bankruptcy, it is important to contact Dethlefs Pykosh
& Murphy as soon as possible. We have years of experience representing
clients in Pennsylvania, and stay up to date on federal and state bankruptcy
laws. Our Harrisburg bankruptcy lawyers will determine what exemptions
you may be entitled to, and will fight on your behalf as you seek a fresh start.
Contact our firm
today to schedule a free initial consultation.