Types of Bankruptcy Exemptions
Homestead: home; land
- 10 acres for people living in a city, town, or village
- 100 acres for individuals living elsewhere
- 200 acres for families living elsewhere
- 6 month exemption for proceeds from sold homestead
Personal Property: food; furniture; upholstery; apparel; jewelry (up to 25% of the value limit); family heirlooms; tools of the trade; sporting goods; health aids such as rehabilitative equipment, walkers, wheelchairs, eye glasses, and hearing aids (not included in the value limit); religious texts (not included in the value limit); some life insurance policies; bicycles; 2 guns
- Motor Vehicles: 1 automobile for each adult with a license; 1 automobile for each minor with a license who provides transportation for a non-licensed adult; farming and ranching vehicles
- Animals: household pets (exotic pets may not be exempt); 2 horses or mules or donkeys; 12 head cattle; 60 other livestock; 120 fowl; livestock food; 2 blankets; 2 bridles
- Wages: for personal services; not exempt from child support payments; self-employed not exempt; up to 25% of the value limit
Intangibles: social security payments; tax-deferred retirement plans such as IRAs, 401(k)s, profit-sharing and money purchase plans, 403(b)s; education savings; child support payments; unemployment benefits; health savings accounts; alimony payments; welfare; social security payments.
- Military: military survivor’s benefits; military life insurance; active, permanent, overseas duty wages in savings accounts; active duty seaman’s wages; active duty seaman’s clothing; veteran’s benefits.
Note: There is a value limit on personal property exemptions; for individuals, this amount is $30,000, and for families this amount is $60,000.