Federal Exemption Amounts Are Adjusted For Inflation

The bankruptcy code indicates that every 3 years, commencing on the First of April, various exemption dollar amounts are adjusted for inflation. On April 1, 2013, the following federal exemptions were adjusted:
The debtor’s exemption in their residence was $21,625., which was adjusted to $22,975.
The debtor’s exemption in one motor vehicle was $3,450., which was adjusted to $3,675.
The debtor’s exemption for the aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use was $11,525, which was adjusted to $12,250.
The debtor’s exemption for the aggregate interest in jewelry was $1,450, which was adjusted to $1,550.00.
The debtor’s exemption for the aggregate interest in any property, was $1,150, which was adjusted to $1,225.
The debtor’s exemption for the aggregate interest in any property, is an amount up to $11,500.00 of the unused portion of his residential exemption, that is stated above. This exemption was adjusted from $10,825.00. This means that the debtor can apply up to $11,500.00, of the amount that is not used from their $22,975 residential exemption, in any property.
The debtor’s exemption for tools of the trade, was adjusted from $2,175.00 to $2,300.00.
The above list does not include all of the federal exemptions that were adjusted.
New Jersey Bankruptcy Lawyer Robert Manchel can speak with you regarding your options for bankruptcy protection. Call (866) 503-5655 to schedule your free consultation.