PENNSYLVANIA BANKRUPTCY LAW
Pennsylvania Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Pennsylvania Bankruptcy Statistics: In 2009, in the state of Pennsylvania 36,923 bankruptcies were filed. Business Bankruptcies accounted for 4% of the total or 1,480 bankruptcies.
Pennsylvania State Bankruptcy Exemptions:
Homestead
There is no homestead exemption in Pennsylvania. However, Pennsylvania recognizes tenancy by the entirety ownership for married couples; thus a home owned by a married couple as a tenancy by the entirety may be exempt against the debts of only one of the spouses.
Personal Property
A few items are exempt when filing bankruptcy in Pennsylvania.
Insurance
Pensions
The following individuals’ pensions and their survivors’ benefits are exempt when filing bankruptcy in Pennsylvania.
Private retirement benefits are exempt when they meet the following conditions. The pension accounts are tax deferred, contain a valid clause prohibiting payment to creditors and the deposit is limited to $15,000 a year.
Tools of the trade
A seamstress’ sawing machine is exempt when filing bankruptcy in Pennsylvania.
Wages
They wage exemptions in Pennsylvania are unlimited. The following types of wages are exempt.
Wildcard
The debtor can take a $300 exemption on any property; personal, real or cash.
Miscellaneous
Property of a business where the debtor is a partner is exempt when filing bankruptcy in Pennsylvania
Federal Bankruptcy Exemptions: Yes
Pennsylvania Bankruptcy Courts:
Pennsylvania Eastern District Court
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