Dollar Amount Adjustments to Federal Bankruptcy Code Exemptions on April 1, 2013

Section 104(a) of the Bankruptcy Code provides for automatic adjustments to certain dollar amounts in the Code every three years.  11 U.S.C. § 104(a).  The most recent adjustments were made on April 1, 2013, and they apply to all cases commenced on or after that date.  The following adjustments were made to the exemption amounts in 11 U.S.C. § 522(d):

  • 522(d)(1) – Homestead Exemption.  Changed from $21,625 to $22,975

  • 522(d)(2) – Motor Vehicle Exemption.  Changed from $3,450 to $3,675

  • 522(d)(3) – Household Goods Exemption.  Changed from $550 to $575, and also from $11,525 to $12,250

  • 522(d)(4) – Jewelry Exemption.  Changed from $1,450 to $1,550

  • 522(d)(5) – Wildcard Exemption.  Changed from $1,150 to $1,225, and also from $10,825 to $11,500

  • 522(d)(6) – Tools of the Trade Exemption.  Changed from $2,175 to $2,300

  • 522(d)(8) – Exemption for Interests in Unmatured Life Insurance Contracts.  Changed from $11,525 to $12,250

  • 522(d)(11)(D) – Exemption for Payments on Account of Personal Bodily Injury.  Changed from $21,625 to $22,975

For a chart detailing all of the dollar amount adjustments throughout the Bankruptcy Code, see Revision of Certain Dollar Amounts in the Bankruptcy Code Prescribed Under Section 104(a) of the Code, 78 Fed. Reg. 12,089 (February 21, 2013).


One Reply to “Dollar Amount Adjustments to Federal Bankruptcy Code Exemptions on April 1, 2013”

  1. As long as you make your payments on time and don’t use 50% or more of your cierdt line you should be fine. I think your score will lower if you have several inquiries on your cierdt report. Everyone is allowed atleast 2 free inquiries a year .any after that will effect your cierdt score. Be careful and be wise .learn from your mistakes. Also, don’t take out too many cierdt cards becuase not only does it affect your cierdt when they check it but the debt to income or debt to ratio may be off and may look like your hurting for money on your cierdt report. Good luck!P.S. Also, mortgage companies are allowed to check your cierdt as many times as possible and won’t hurt your cierdt

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