Washington Bankruptcy Laws

Washington 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. Washington bankruptcy district courts are located in nine places under the two group regions – Washington Eastern District Court and Washington Western District Court.

Properties Exemptions Under The Washington Bankruptcy Laws

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

•You can exempt any real property or mobile home under the Homestead Exemptions. The maximum exemptible amount in this regard is forty thousand dollars.
•You should also keep in mind that if you are attempting the sale of any property that is unimproved or any home that is unoccupied, it would be essential for you to file homestead declaration for the same, before filing court petition for bankruptcy.
•Insurance Exemptions
•The Washington bankruptcy laws have specifically declared books as exemptible under the personal properties exemptions. You can exempt books up to 1500 dollars.
•The maximum combined exemptible amount for clothing, jewelry, and other ornaments is one thousand dollars.
•Pension funds are also allowed for exemption, under the Washington bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Volunteer firefighters
◦State patrol officers
◦Public employees
•The individuals with IRAs and ERISA-qualified benefits are also eligible to claim for pension exemptions.
•Exemptible public benefits include child support funds, old-age assistance, unemployment compensation, and crime victims’ compensation.
•As per the Washington bankruptcy laws, the Wild Card exemptions include any personal property for up to two thousand dollars.