Does Bankruptcy Fall Under Federal or State Jurisdiction?

Interviewer: In terms of the law, bankruptcy law’s federal, right? Does it differ by state?

Paul: Well, that’s an interesting question. It is usually federal, but certain states, such as Pennsylvania and New Jersey, both give you the option of selecting what’s called the “state exemptions,” which give you certain advantages in certain situations. You can either take the federal or state exemptions, in Pennsylvania or New Jersey. Some states don’t allow you to select what’s called, “Opt out.” Some only allow you to take their own state exemptions.

What Are Exemptions?

Interviewer: “Exemptions” meaning, I guess, how much equity you have in the house or car and if the bankruptcy will completely deplete that.

Paul: Yes. Exemptions mean, in general, what you’re allowed to keep, either in the filing of the Chapter 7 or Chapter 13, which are items that are unaffected by the filing.

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Quakertown

328 W Broad St
Quakertown, PA 18951
Tel: (215) 515-6876
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Plymouth Meeting

600 West Germantown Pike #400
Plymouth Meeting, PA 19462
Tel: (215) 515-6876
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Doylestown

44 E Court Street #100
Doylestown, PA 18901
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Marlton

10000 Lincoln Drive E, Suite 201
One Greentree Centre
Marlton, NJ 08053
Tel: (856) 213-2805
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Philadelphia

7909 Bustleton Ave, First Floor
Philadelphia, PA 19152
Tel: (215) 607-2715
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Bensalem

3554 Hulmeville Rd, #102
Bensalem, PA 19020
Tel: (215) 515-6389
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Bala Cynwyd

2 Bala Plaza, Suite 300
Bala Cynwyd, PA 19004
Tel: (610) 557-3209
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Cinnaminson

909 Route 130 South, Suite 202
Cinnaminson, NJ 08077
Tel: (609) 796-4344
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Jenkintown

135 Old York Road
Jenkintown, PA 19046
Tel: (215) 544-3347
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Allentown

137 N 5th St, Suite A
Allentown, PA 18102
Tel: (215) 240-4082
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Easton

101 Larry Holmes Dr, #212
Easton, PA 18042
Tel: (215) 515-7077
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Hamilton Twp.

3525 Quakerbridge Rd, #903
Hamilton Township, NJ 08619
Tel: (609) 236-8649
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Piscataway

371 Hoes Lane, Suite 200
Piscataway Township, NJ 08854
Tel: (908) 367-7256
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