Federal Bankruptcy Exemptions
Courtesy of the New Jersey law firm of LoFaro & Reiser, L.L.P.
55 Hudson Street
Hackensack, New Jersey 07601
Tel: (201) 498-0400
Fax: (201) 498-0016
E-mail: greiser@njlawconnect.com
Listed below
are the general federal property
exemptions permitted
under the United States Bankruptcy
Code.
Married
couples can double the amounts of each exemption.
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Title 11
U.S.C. Section 522
Married couples double the amount of the following federal exemptions:
- Homestead • Real property, including co-op or mobile home, to
$18,450; unused portion of homestead to $9,250 may be applied to any
property;
- Life insurance payments
for person you depended on, needed for support;
- Life insurance
policy with loan value, in accrued dividends or interest to $9,850;
- Unmatured life insurance
contract, except credit insurance policy;
- Alimony, child
support needed for support;
- Pensions and
Retirement Benefits • ERISA - qualified benefits needed for support;
- $475 per item in
any household goods up to a total of $9,850;
- Health Aids;
- Jewelry to $1,225;
- Lost earnings
payments;
- Motor vehicle to
$2,950;
- Personal injury
compensation payments to $18,450;
- Wrongful death
payments;
- Crime victims'
compensation;
- Public assistance;
- Social Security;
- Unemployment
compensation;
- Veterans'
benefits;
- Tools of trade -
books and equipment to $1,850;
- Wild Card • $925
of any property plus up to $9,250 of any amount of unused homestead
exemption.
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