When you file for a Chapter 7 bankruptcy in Pennsylvania, you are still able to keep certain property, known as “exempt property.” Each state has exemptions. The items and the amount of exemptions are subject to change are can be obtained in the state code. In Pennsylvania, the following are exemptions a Chapter 7 debtor is entitled to:
- Home equity up to $20,200
- Your motor vehicle up to $3,225
- Alimony and child support needed for support
- Pensions, Retirement Benefits, and ERISA-qualified benefits needed for support
- Unmatured life insurance contract
- Life insurance payments for person you depended on that are necessary for support
- Life insurance policy with loan value, in accrued dividends or interest up to $10,775
- Tools of trade up to $20,200
- $550 per item in any household goods up to a total of $10,775
- Jewelry to $1,350
- Lost earnings payments
- Health aids
- Personal injury compensation payments to $20,200, wrongful death payments, crime victims’ compensation, public assistance, Social Security, unemployment compensation, and veterans’ benefits
- $1,075 of any property plus up to $10,125 of any amount of unused homestead exemption
Zachary Zawarski, Esq.