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Washington, WA Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Washington, WA Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Washington, WA Bankruptcy Exemptions

All law references are to Washington, WA Code.

ASSET EXEMPTION DESCRIPTION LAW SECTION

Homestead

Real property or mobile home to $40,000 ( no limit if seeking to discharge debt based on failure to pay a state income tax assessed on retirement benefits received while a resident of Washington, 6.15.030)

Must file homestead declaration before sale of home if property unimproved or home unoccupied

 

6.13.010,6.13.030

6.15.040

Personal Property

Appliances, furniture, household goods & home yard equipment to $2700 total (no limit on any property located within Washington if seeking to discharge debt based on failure to pay a state income tax assessed on retirement benefits received while a resident of Washington, 6.15.025)

Books to $1500

Burial plots sold by nonprofit cemetery association

Clothing, no more than $1000 in furs, jewelry, ornaments

Food and fuel for comfortable maintenance

Keepsakes & pictures

1 motor vehicle for each individual to $2500 total (2 motor vehicles as community property of spouses two motor vehicles to $5000 total)

Professionally prescribed health
aids

Personal bodily injury payments-
not to exceed $16,150; or payment
for loss of future earnings to the
extent reasonably necessary

 

 

6.15.010(3) (a)

6.15.010(2)

68.20.120

6.15.010(1)

6.15.010(3) (a)

6.15.010(2)

6.15.010(3) ( c)

6.15.010(3)(e)

6.15.010(3)(f)

Insuranc

Annuity contract proceeds to $250 per month

Disability proceeds, avails or benefits

Fire insurance proceeds for destroyed exemption

Fraternal benefit society benefits

Group life insurance policy or proceeds

Life insurance proceeds or avails if beneficiary is not the insured

48.18.430

48.18.400

6.15.030

48.36A.180

48.18.420

48.18.410

Miscellaneous

Property of business partnership

25.04.250

Pensions

City employees

ERISA-qualified benefits

IRAs

Public employees

State patrol officers

Volunteer firefighters

41.28.200

6.15.020

6.15.020

41.40.380

43.43.310

41.24.240

Public Benefits

Child welfare

Crime victims’ compensation

General assistance

Industrial insurance (workers’ compensation)

Old-age assistance

Unemployment compensation

Child Support

74.13.070

7.68.070, 51.32.040

74.04.280

51.32.040

74.08.210

50.40.020

6.15.010(3)(d)

Tools of Trade

Farm trucks, stock, tools, seed, equipment & supplies of farmer to $5000 total

Library, office furniture, office equipment & supplies of physician, surgeon, clergy or other professional to $5000 total

Tools & materials used in another’s trade to $5000

 

6.15.010(4) (a)

6.15.010(4) (b)

6.15.010(4) ( c)

Wages

Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors

 

6.27.150

Wild Card

$2000 of any personal property (no more than $200 in cash, bank deposits, bonds, stocks & securities)

6.15.010(3) (b)