Section 522 of the Bankruptcy Code exempts specified property of an individual debtor from bankruptcy. What are some of these exemptions?
Dollar amounts must be adjusted for inflation every three years. As of the printing of this edition of the textbook, specified property would include the following:
1. up to $23,675 in equity in property used as a residence or burial plot
2. up to $3,775 in equity in one motor vehicle
3. up to $600 for any particular item, not to exceed $12,625 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 $1,600 in jewelry
5. any property up to $1,250 plus up to $11,825 of any unused amount of the first exemption
6. up to $2,375 in implements, professional books, or tools of the debtor's trade
7. unmatured life insurance contracts owned by the debtor
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 tax exempt retirement funds
13. payments from an award under a crime victim's reparation law, a wrongful death award, and up to $23,675 not including compensation for pain and suffering or for actual pecuniary loss, from a personal injury award.
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