The Bankruptcy Code exempts specified property of an individual debtor from bankruptcy. What are some of these exemptions?
Specified property would include the following:
(1) up to $22,975 in equity in property used as a residence or burial plot;
(2) up to $3,675 in equity in one motor vehicle;
(3) up to $575 for any particular item, not to exceed $12,250 in aggregate value of household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments that are primarily for personal, family, or household use;
(4) up to $1,550 in jewelry;
(5) any property up to $1,225 plus up to $11,500 of any unused amount of the first exemption;
(6) $2,300 in implements, professional books, or tools of the debtor's trade;
(7) unmatured life insurance contracts owned by the debtor; other than a credit life insurance contract
(8) professionally prescribed health aids;
(9) Social Security, veteran's, and disability benefits;
(10) unemployment compensation;
(11) alimony and support payments, including child support;
(12) payments from pension, profit-sharing, and annuity plans; and
(13) tax-exempt retirement funds
(14) payments from an award under a crime victim's reparation law, a wrongful death award, and up to $22,975 not including compensation for pain and suffering or for actual pecuniary loss, from a personal injury award.
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