Washington Bankruptcy Exemptions

Exemptions or Assets that can be kept in a Bankruptcy

For the purpose of judgment enforcement or in a bankruptcy proceeding, a debtor is generally entitled to certain statutory exemptions under state laws or federal laws, or both. Under the laws of Washington, a homestead consists of real or personal property that the owner uses as a residence (RCW 6.13.010).

• The homestead exemption amount generally may not exceed the lesser of (1) the total net value of the lands, mobile home, improvements, and other personal property, as described in RCW 6.13.010, or (2) the sum of $40,000.00 in the case of lands, mobile home, and improvements, or the sum of fifteen thousand dollars ($15,000.00) in the case of other personal property described in RCW 6.13.010. Personal property which may be exempt from execution, attachment, and garnishment
• Homestead exemption of $20,200
• Unused Homestead Exemption applied to personal property of $10,125
• Motor Vehicle Exemption of $3,225
• Household Goods and Furnishings Exemption of $9,250
• Jewelry Exemption of $1,350
  
• Wild-Card Exemption of $1075
• Tools of Trade Exemption of $2,025

Some other personal property exemption may include:

• certain retirement plan benefits, insurance proceeds, public assistance and unemployment benefits. (RCW 6.15.010.)

In a bankruptcy proceeding, personal property exemptions may not be claimed by one spouse that is not a joint case or a joint administration of the estate with the bankruptcy estate of the other spouse where (a) bankruptcy is filed by both spouses within a six-month period, and (b) one spouse exempts property from property of the estate under the bankruptcy exemption provisions of 11 U.S.C. Sec. 522(d). (RCW 6.15.050(7).)