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Pennsylvania Personal Property Exemptions: The Property Creditors Can Not Touch!!!
Legal Helpers can use Pennsylvania state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Pennsylvania bankruptcy exemptions that we can use to help keep creditor's hands off your possessions. The Pennsylvania bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. For more information contact the Pennsylvania bankruptcy lawyers of Legal Helpers.
Homestead Pennsylvania Bankruptcy Exemptions
We can use these Pennsylvania bankruptcy exemptions to protect up to $8,725 per person in equity in your residence. However, we can't use these Pennsylvania bankruptcy exemptions to protect rental property or a home you do not live in.
Motor Vehicle Pennsylvania Bankruptcy Exemptions
We can use these Pennsylvania bankruptcy exemptions to protect up to $2,775 per person in equity in your vehicles and we can combine this with any unused wild card Pennsylvania bankruptcy exemption to exempts an additional $9,650 per person.
Household Goods, Apparel and Furnishings
We can use these Pennsylvania bankruptcy exemptions to protect $9,300 in resale value of your household goods.
Life Insurance Proceeds Pennsylvania Bankruptcy Exemptions
We can protect life insurance proceeds from an individual that you are a dependent, to the extent necessary to support you or a dependent during your U.S. bankruptcy. Also, we can protect $9,300 in Cash Surrender Value of an existing Whole Life Insurance Policy.
Alimony, Support Pennsylvania Bankruptcy Exemptions
Our U.S. federal bankruptcy lawyers can exempt support payments to you that are reasonably necessary to help support you or a dependent during your U.S. federal bankruptcy.
Qualified Retirement Plan Pennsylvania Bankruptcy Exemptions
We can prevent creditors from touching the proceeds of your retirement plan. If it is:
- a government pension
- under the protection of federal ERISA guidelines; or
- if your plan includes restrictions on transfer, attachment or garnishment
Most employer retirement plans are exempt, however, it is helpful when consulting one of our attorneys to obtain a copy of you retirement plan summary from your payroll administrator or plan administrator for our review.
Tools of the Trade, Professional Books Pennsylvania Bankruptcy Exemptions
Tools used for your trade or business can be exempted up to $1,750.
Worker's Compensation Pennsylvania Bankruptcy Exemptions
Are excluded from your bankruptcy estate.
Wildcard Pennsylvania Bankruptcy Exemptions (Any Personal Property of Debtor)
We can protect up to $9,650 per person for any personal property that is important to you. However, your wild card Pennsylvania bankruptcy exemptions can not be used in addition to any property which you are also claiming Homestead Pennsylvania Bankruptcy Exemptions.
Learn more about South Carolina bankruptcy exemptions.