System 1
Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000.00 if single and not disabled; $75,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration).
Insurance:
* Disability or health benefits
* Fraternal unemployment bonds
* Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary's creditors
* Fidelity bonds
* Homeowners' insurance proceeds for 6 months after received, to homestead exemption amount
* Matured life insurance benefits needed for support
* Unmatured life insurance policy loan value to
$10,775 husband and wife may double to $21,550
Pensions
* County employees
* County firefighters
* County peace officers
* Private retirement benefits, including IRA's and KEOGHS
* Public employees
* Public Retirement benefits
Miscellaneous
* Property of business partnership
* Business or professional license, except liquor licenses
* Inmates' trust funds to $1,350 (husband and wife may not double)
Personal Property
* Appliances, furnishings, clothing and food needed
* Bank deposits from Social Security Administration to $2,700 ($4,050 for husband and wife.
Note on Social Security:
Bank accounts which receive direct deposits from Social Security are exempt without making a claim if they have $2,700 or less (if one depositor is designated payee) or $4,050 (if two or more depositors are designated payees). Balances over the designated amount are completely exempt as long as traceable to Social Security.
* Building materials to $2,700 to repair or improve home (husband and wife may not double amount)
* Burial Plot
* Health aids
* Jewelry, heirlooms and art to $6,750 total (may not be doubled)
* Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled)
* Personal injury causes of action
* Personal injury recoveries needed for support; if receiving installments at least 75%
* Wrongful death causes of action
* Wrongful death recoveries needed for support; if receiving installments, at least 75%
Public Benefits
* Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant Children)
* Financial Aid to Students
* Relocation benefits
* Union benefits due to labor dispute
* Unemployment benefits
* Worker's Compensation
Tools of Trade
* Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $6,750 total (Motor vehicle limited to $4,850); to $13,475 total (Motor vehicle limited to $9,700) if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption.
Wages
* Public employees vacation credits; if receiving installments, at least 75%
* 75% of wages paid within 30 days of filing for bankruptcy
NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.
Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000.00 if single and not disabled; $75,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration).
Insurance:
* Disability or health benefits
* Fraternal unemployment bonds
* Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary's creditors
* Fidelity bonds
* Homeowners' insurance proceeds for 6 months after received, to homestead exemption amount
* Matured life insurance benefits needed for support
* Unmatured life insurance policy loan value to
$10,775 husband and wife may double to $21,550
Pensions
* County employees
* County firefighters
* County peace officers
* Private retirement benefits, including IRA's and KEOGHS
* Public employees
* Public Retirement benefits
Miscellaneous
* Property of business partnership
* Business or professional license, except liquor licenses
* Inmates' trust funds to $1,350 (husband and wife may not double)
Personal Property
* Appliances, furnishings, clothing and food needed
* Bank deposits from Social Security Administration to $2,700 ($4,050 for husband and wife.
Note on Social Security:
Bank accounts which receive direct deposits from Social Security are exempt without making a claim if they have $2,700 or less (if one depositor is designated payee) or $4,050 (if two or more depositors are designated payees). Balances over the designated amount are completely exempt as long as traceable to Social Security.
* Building materials to $2,700 to repair or improve home (husband and wife may not double amount)
* Burial Plot
* Health aids
* Jewelry, heirlooms and art to $6,750 total (may not be doubled)
* Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled)
* Personal injury causes of action
* Personal injury recoveries needed for support; if receiving installments at least 75%
* Wrongful death causes of action
* Wrongful death recoveries needed for support; if receiving installments, at least 75%
Public Benefits
* Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant Children)
* Financial Aid to Students
* Relocation benefits
* Union benefits due to labor dispute
* Unemployment benefits
* Worker's Compensation
Tools of Trade
* Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $6,750 total (Motor vehicle limited to $4,850); to $13,475 total (Motor vehicle limited to $9,700) if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption.
Wages
* Public employees vacation credits; if receiving installments, at least 75%
* 75% of wages paid within 30 days of filing for bankruptcy
NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.
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