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.
|Wages||Earned but unpaid wages||42-8127|
|Other property||Accident or disability benefits||42-8124(c)(7)|
|Property of business partnership||15-8342|
|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.