Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Pennsylvania.
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. Roth IRAs and regular IRAs up to $1,245,000 per person.
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.