Bankruptcy Exemptions: What Property Can I Keep?

Homestead (If your spouse also files chapter 7 the amount is double or $70,000 ) In certain circumstances an unmarried debtor who is 65 years of age or older is entitled to retain an aggregate interest in the property not to exceed $65,000.
Motor vehicle

Tools of trade

Household furnishings – household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use up to $5,000 for the debtor plus $1,000 for each dependent, but not to exceed $4,000 in total, for the dependents.
  • Life insurance proceeds.
  • Professionally prescribed health aids.
  • Compensation for personal injury or for death , but such exemption is not exempt from claims for funeral, legal, medical, dental, hospital, and health care charges related to the accident or injury giving rise to the compensation.
  • Individual retirement accounts qualified under Section 408(a) of the Internal Revenue Code.
  • Individual retirement annuities qualified under Section 408(b) of the Internal Revenue Code, and
  • Accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code.