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The federal option is available in 14 state jurisdictions nationwide,
which permits debtors an election of exemption categories and amounts.
to claim these exemptions, debtor claim form H must list each item of
property with a corresponding category, up to the maximum amount
allowed. In summary, the federal exemption categories are:
- Up to $18,451 value in real estate interests and personal property
used exclusively for a primary residence.
- $2,951 for 1 motor vehicle (presumably any, whether watercraft,
ATV, SUV, etc.).
- $476 allotted for predominantly household items, stores and goods.
- $1,226 for possessed jewelry and sentimental heirlooms.
- $926 may be an elected wild card used for any purpose.
- $9,251 additional wild card derived from the unused, remaining
homestead portion unallocated.
- $1,851 permissible assignment for tools of trade professional
necessities.
- Unmatured life insurance, excluding credit life policies assigned
at the behest of creditors.
- $9,851 uncollected life insurance benefits outstanding,
specifically including cash surrender option.
- Prosthetics, essential health aids and related gear.
- Pensions up to the maximum amount necessary for modest survival.
- Funds deserved from crime victim compensation agencies.
- Causes of actions and proceeds based on wrongful death claims,
physical injury, and mental trauma, to a maximum amount necessary for
survival.
- Social security claims, unemployment compensation claims, unpaid
but owing veteran
benefits, and charitable, nonprofit or public assistance receipts.
- Physical and mental disability, payments.
- Alimony entitlement, child support due or owing, and family
assistance payments.
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