National Divorce & Bankruptcy Center

Pennsylvania Bankruptcy Property Exemptions:
What You Can Keep

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EXEMPT PROPERTY: The property you can keep after bankruptcy.

Some property in many states is exempt regardless of its value i.e. "all personal possessions". Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items.

An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.

Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property 

PENNSYLVANIA State Exemptions (bankruptcy)

Federal Bankruptcy exemptions are available (exemptions from PA revised  statutes)

Homestead None. However, property held as tenancy by the entirety may be exempt against
          the debts owed by only one spouse.
Insurance Accident or disability benefits
          Fraternal benefit society benefits
          Group life insurance policy or proceeds 
          Life insurance proceeds if clause prohibits proceeds from being used to pay
               beneficiary's creditors.
          Life insurance annuity policy, cash value or proceeds if beneficiary is insured's
               dependant, child or spouse.
          Insurance policy or annuity contract payments, where insured is the beneficiary,
               cash value or proceeds to $100 per month
          No-fault automobile insurance proceeds
Miscellaneous Property of business partnership
Pensions  City employees
          County employees
          ERISA qualified benefits, except IRA's
          Municipal employees
          Police officers
          Private retirement benefits if clause prohibits proceeds from being used to pay
               beneficiary's creditors to extent tax deferred; exemption limited to $15,000
               per year deposited; no exemption for amount deposited within 1 year of
               filing.
          Public school employees
          State employees

Personal  Bibles, schoolbooks and sewing machines
          Clothing
          Tangible personal property at an international exhibit sponsored by US     
               government     
          Uniform and accoutrements

Public    Korean conflict veterans' benefits
benefits  Crime victims' compensation 
           Unemployment compensation
           Workers' compensation
           Veterans' Benefits
          
Tools        None
Wages      earned but unpaid wages
Wild card $300 of any property 
                Husband and wife may double