Legal Question in Bankruptcy in Pennsylvania

Re: what you are allowed to keep filing full Bankrupcy

Here is a partial list of exemptions from section 522(d) of the U.S. Bankruptcy Code:

(1) The debtor's aggregate interest, not to exceed $15,000 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

(2) The debtor's interest, not to exceed $2,400 in value, in one motor vehicle.

(3) The debtor's interest, not to exceed $400 in value in any particular item or $8,000 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

(4) The debtor's aggregate interest, not to exceed $1,000 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

(5) The debtor's aggregate interest in any property, not to exceed in value $800 plus up to $7,500 of any unused amount of the exemption provided under paragraph (1) of this subsection.

(6) The debtor's aggregate interest, not to exceed $1,500 in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.

The listed amounts have been twice adjusted for inflation. As of 04/01/20001 the limits include $17,425 for residence, $2,775 for one motor vehicle, etc. These limits are for each person; for husband and wife filing a joint bankruptcy, the exemptions are doubled.

Please feel free to contact me if you want to discuss this issue further.

Re: what you are allowed to keep filing full Bankrupcy

There are many exemptions protecting most assets.

For example, there is a $17,000.00 exemption in your home, one half of which can be used for any asset. There is a $2,500.00 exemption in your car and an $8,000.00 exemption in all your household goods an furnishings under most circumstances.

Please feel free to call or E-mail me for a free initial consult.