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Pennsylvania Bankruptcy Exemptions

The chart below contains a summary of Pennsylvania state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of Pennsylvania bankruptcy exemptions laws.

Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions

Personal exemptions allowed by Pennsylvania Bankruptcy Law

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSET EXEMPTION LAW
Pennsylvania Homestead None
Wages Earned but unpaid wages 42-8127
Automobile None
Other property Accident or disability benefits 42-8124(c)(7)
Property of business partnership 15-8342
Clothing 42-8124(a)(1)
Bibles and schoolbooks 42-8124(a)(2)
Seamstress's sewing machine 42-8124(a)(3)
Wildcard $300 of any property, including cash, real property, securities, or proceeds from sale of exempt property 42-8123

Note: While this reference information is current as of October 2010, it may not reflect the most up-to-date exemption figures on official state of Pennsylvania bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Pennsylvania bankruptcy exemptions laws.
Go to Federal Bankruptcy Exemptions

Pennsylvania Bankruptcy Court links :

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