Pennsylvania Bankruptcy Laws

Pennsylvania bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Pennsylvania bankruptcy district courts are located in over a dozen places under three group regions – Pennsylvania Eastern District Court, Pennsylvania Middle District Court, and Pennsylvania Western District Court.

Properties Exemptions Under The Pennsylvania Bankruptcy Laws

As per the Pennsylvania bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Pennsylvania bankruptcy district courts.

•The Pennsylvania bankruptcy laws do not allow any Homestead Exemptions. However, if you are a married couple and have filed for the bankruptcy jointly, you may be allowed to exempt the properties held as tenancy for up to the amount sufficient to settle the debts owed by only one spouse.
•The Personal properties exemptions include Uniform and accoutrements, clothing, Bibles, schoolbooks and sewing machines.
•The Pennsylvania bankruptcy laws have also specifically declared Tangible personal property at an international exhibit sponsored by U.S. government as an exemptible personal property.
•Pension funds are also allowed for exemption under the Pennsylvania bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦State employees
◦Public school employees
◦Police officers
◦Municipal employees
◦County employees
◦City employees
•Public benefit exemptions include Workers’ compensation, Veterans’ benefits, unemployment compensation, Korean conflict veterans’ benefits, and crime victims’ compensation.
•Earned but unpaid wages also comes under exemptible property as per the Pennsylvania bankruptcy laws.
•No properties are allowed to be exempted under tools of trade exemptions.
•As per the Pennsylvania bankruptcy laws, Wild Card exemptions include any property for up to the amount of three hundred dollars in value.