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There are some variations in the asset exemption levels from state-to-state, particularly over land and property values. For example, in some states, the residence and farm property equity exemptions are substantially higher than the federal levels. You can file using the federal defined exemptions, or your state’s, but not a combination between the two.

Current federal exemptions include:

• $16,160 in equity in your personal residence
• up to $2,575 in equity in any one motor vehicle
• up to $425 in value in any particular item of household furnishings, or wearing apparel, up to a total of $8,625
• up to $1,075 in jewelry held for personal use
• up to $1,625 in tools of the trade
• any unmatured life insurance contract you own, except for credit life insurance contract
• any and all health aids such as a wheelchair
• the right to receive certain support, personal injury, and disability payments.

There is also a “wild-card” exemption of $800 to $8,880 for other assets not otherwise specifically exempted; the exact amount depends on how much of the personal residence equity exemption was utilized. Each of these exemption levels are doubled under a joint spouse filing, and each are subject to periodic cost-of-living adjustments.

Exercising your right to utilize state exemptions amounts instead of the federal levels is a case-by-case consideration you should discuss with your attorney.

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