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i need my car for income

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L

leggs

Guest
What is the name of your state? pa. hello i lost my job in early 2003 i am in bad debt. one creditor is taking me to local court. if there is a judgment against me what property can i protect in my state, i have one 5 year old truck that i own, and some tools i need both for my income. business will be better in the spring and the bills will be paid , thanks
 


JETX

Senior Member
Actually, the site provided by ladynred is not correct. That site lists bankruptcy exemptions and though they are often similar (and in some cases identical) they are NOT the same as exemptions from judgments.

The CORRECT list of exemptions for judgment seizure in PA is:
------------------------------
Pennsylvania Post-Judgment Asset Exemptions

Homestead: None. However, property held as tenancy by the entirety may be exempt against the debts owed by only one spouse.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for city employees, county employees, municipal employees, police officers, public school employees and state employees. Private retirement benefits exempt if clause prohibits proceeds from being used to pay beneficiary's creditors, to extent tax-deferred, limited to $15,000 per year deposited, and no exemption for amount deposited within 1 year of filing. IRA exemptions for conventional, SEP and SIMPLE plans, subject to above limits.

Insurance: Life insurance annuity policy, cash value or proceeds if beneficiary is insured's dependent, child or spouse. Insurance policy or annuity contract payments, where insured is the beneficiary, cash value or proceeds to $100 per month. Group life insurance policy or proceeds. Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors. Accident or disability benefits. Fraternal society benefits. No-fault automobile insurance proceeds.

Personal Property: Bibles. Schoolbooks. Sewing machines. Clothing. Tangible personal property at an international exhibit sponsored by U.S. government. Uniform and accoutrements.

Tools of Trade: None.

Miscellaneous: Business partnership property.

Wages: Earned but unpaid wages.

Public Benefits: Unemployment compensation. Workers' compensation. Crime victim's compensation. Korean conflict veteran's benefits. Veteran's benefits.

Wild Card: $300 of any property.
---------------------------
 
L

leggs

Guest
pennsylvania exemptions

thanks for the help so far, can you tell me if the 300 wild card for personal property is a total of 300 or per item, a total of 300 is nothing these days.
 

Ladynred

Senior Member
Quite frankly Jetx, I can't see any glaring differences between what you posted and the exemptions on the site that I posted.
There's NO homestead, nothing specifically for a vehicle or tools of the trade, no dollar amounts for personal property and precious little in the category to boot, and the same $300 wildcard.

Since you're intent on bashing me today, perhaps you could post the link to your source of your information, if its public that is ? I'll bookmark it for my own edification.


As for the $300 wildcard that is a TOTAL. If you want to apply it to your tools, then it would be applied to ALL your tools.
 

JETX

Senior Member
"Quite frankly Jetx, I can't see any glaring differences between what you posted and the exemptions on the site that I posted."
*** And I agree. There aren't any GLARING differences (other than bankruptcy has the option of taking federal exemptions instead of state). However, that isn't the point. You provided a link that anyone can use to find what you imply are state judgment exemptions (even for other states by simply editing the URL). I just wanted to correctly point out to others that the site you referenced is for bankruptcy ONLY and not necessarily for judgments.

"Since you're intent on bashing me today"
*** Where did you get THAT idea??? In fact, to my knowledge, this is the ONLY post I made today (so far) in following up your offered information.

"perhaps you could post the link to your source of your information, if its public that is ? I'll bookmark it for my own edification."
*** Though there are several sources (both public and private) for this information, one that I have found very good is at:
http://www.toolkit.cch.com/pops/assettables.asp
Simply click on the appropriate state at the map at the bottom of the page.
 

Ladynred

Senior Member
Actually, you dinged me more than once today.. but .. that is the nature of our 'relationship'.. :D

Thanks for the link, I'll grab it. I realize that judgment and bankruptcy exemptions can be different, but from what I've seen so far, they are generally the same - but I'll defer to your JE expertise.
 

JETX

Senior Member
I don't take these as 'dings'. Lets call them what they are..... 'corrections to erroroneous statements'.

There are LOTS of your posts that I see and don't comment on them at all. However, when there is an error or mis-statement, yep, I am going to step in and correct it. After all, if we can't give ACCURATE legal advice to those who ask, what good is the response??

And before you think I am being (too) sanctimonious, I do make an occasional mistake and admit it when I do. Take a look at the archives...... :D
 

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