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Yes, and no, to answer the frequently asked questions. According to
state regulations, there is not a Pennsylvania Homestead Exemption Act,
per se, yet the legislature goes a step further and authorizes PA
residents who file bankruptcy under Chapter 7 or Chapter 13 to claim the
federal exempt asset list provided by Section 522 of the Code. For
purposes of Pennsylvania homestead exemption law, however limited to
bankruptcy proceedings, PA citizens may claim up to $18,500 equity as
exempt, net of all valid liens attached to a primary residence. Filing a
formal declaration statement using a Pennsylvania homestead exemption form
or personal statement of intent is not required.
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