28 U.S.C. § 3014 : US Code - Section 3014: Exempt property

Search 28 U.S.C. § 3014 : US Code - Section 3014: Exempt property

(a) Election To Exempt Property. - An individual debtor may, in
an action or proceeding under this chapter, elect to exempt
property listed in either paragraph (1) or, in the alternative,
paragraph (2). If such action or proceeding is against debtors who
are husband and wife, one debtor may not elect to exempt property
listed in paragraph (1) and the other debtor elect to exempt
property listed in paragraph (2). If the debtors cannot agree on
the alternative to be elected, they shall be deemed to elect
paragraph (1). Such property is either -
(1) property that is specified in section 522(d) of title 11,
as amended from time to time; or
(2)(A) any property that is exempt under Federal law, other
than paragraph (1), or State or local law that is applicable on
the date of the filing of the application for a remedy under this
chapter at the place in which the debtor's domicile has been
located for the 180 days immediately preceding the date of the
filing of such application, or for a longer portion of such 180-
day period than in any other place; and
(B) any interest in property in which the debtor had,
immediately before the filing of such application, an interest as
a tenant by the entirety or joint tenant, or an interest in a
community estate, to the extent that such interest is exempt from
process under applicable nonbankruptcy law.
(b) Effect on Assertion and Manner of Determination. -
(1) Statement. - A court may order the debtor to file a
statement with regard to any claimed exemption. A copy of such
statement shall be served on counsel for the United States. Such
statement shall be under oath and shall describe each item of
property for which exemption is claimed, the value and the basis
for such valuation, and the nature of the debtor's ownership
interest.
(2) Hearing. - The United States or the debtor, by application
to the court in which an action or proceeding under this chapter
is pending, may request a hearing on the applicability of any
exemption claimed by the debtor. The court shall determine the
extent (if any) to which the exemption applies. Unless it is
reasonably evident that the exemption applies, the debtor shall
bear the burden of persuasion.
(3) Stay of Disposition. - Assertion of an exemption shall
prevent the United States from selling or otherwise disposing of
the property for which such exemption is claimed until the court
determines whether the debtor has a substantial nonexempt
interest in such property. The United States may not take
possession of, dispose of, sell, or otherwise interfere with the
debtor's normal use and enjoyment of an interest in property the
United States knows or has reason to know is exempt.
(c) Debtors in Joint Cases. - Subject to the limitation in
subsection (a), this section shall apply separately with respect to
each debtor in a joint case.