((a)) In this section—

((1)) “dependent” includes spouse, whether or not actually dependent; and

((2)) “value” means fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after such date, as of the date such property becomes property of the estate.

((b))

((1)) Notwithstanding , an individual debtor may exempt from property of the estate the property listed in either paragraph (2) or, in the alternative, paragraph (3) of this subsection. In joint cases filed under and individual cases filed under section 301 or 303 of this title by or against debtors who are husband and wife, and whose estates are ordered to be jointly administered under Rule 1015(b) of the Federal Rules of Bankruptcy Procedure, one debtor may not elect to exempt property listed in paragraph (2) and the other debtor elect to exempt property listed in paragraph (3) of this subsection. If the parties cannot agree on the alternative to be elected, they shall be deemed to elect paragraph (2), where such election is permitted under the law of the jurisdiction where the case is filed.

((2)) Property listed in this paragraph is property that is specified under subsection (d), unless the State law that is applicable to the debtor under paragraph (3)(A) specifically does not so authorize.

((3)) Property listed in this paragraph is—

((A)) subject to subsections () and (p), any property that is exempt under Federal law, other than subsection (d) of this section, or State or local law that is applicable on the date of the filing of the petition to the place in which the debtor’s domicile has been located for the 730 days immediately preceding the date of the filing of the petition or if the debtor’s domicile has not been located in a single State for such 730-day period, the place in which the debtor’s domicile was located for 180 days immediately preceding the 730-day period or for a longer portion of such 180-day period than in any other place;

((B)) any interest in property in which the debtor had, immediately before the commencement of the case, an interest as a tenant by the entirety or joint tenant to the extent that such interest as a tenant by the entirety or joint tenant is exempt from process under applicable nonbankruptcy law; and

((C)) retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.

((4)) For purposes of paragraph (3)(C) and subsection (d)(12), the following shall apply:

((A)) If the retirement funds are in a retirement fund that has received a favorable determination under section 7805 of the Internal Revenue Code of 1986, and that determination is in effect as of the date of the filing of the petition in a case under this title, those funds shall be presumed to be exempt from the estate.

((B)) If the retirement funds are in a retirement fund that has not received a favorable determination under such section 7805, those funds are exempt from the estate if the debtor demonstrates that—

((i)) no prior determination to the contrary has been made by a court or the Internal Revenue Service; and

((ii))

((I)) the retirement fund is in substantial compliance with the applicable requirements of the Internal Revenue Code of 1986; or

((II)) the retirement fund fails to be in substantial compliance with the applicable requirements of the Internal Revenue Code of 1986 and the debtor is not materially responsible for that failure.

((C)) A direct transfer of retirement funds from 1 fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986, under section 401(a)(31) of the Internal Revenue Code of 1986, or otherwise, shall not cease to qualify for exemption under paragraph (3)(C) or subsection (d)(12) by reason of such direct transfer.

((D))

((i)) Any distribution that qualifies as an eligible rollover distribution within the meaning of section 402(c) of the Internal Revenue Code of 1986 or that is described in clause (ii) shall not cease to qualify for exemption under paragraph (3)(C) or subsection (d)(12) by reason of such distribution.

((ii)) A distribution described in this clause is an amount that—

((I)) has been distributed from a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986; and

((II)) to the extent allowed by law, is deposited in such a fund or account not later than 60 days after the distribution of such amount.

((c)) Unless the case is dismissed, property exempted under this section is not liable during or after the case for any debt of the debtor that arose, or that is determined under as if such debt had arisen, before the commencement of the case, except—

((1)) a debt of a kind specified in paragraph (1) or (5) of section 523(a) (in which case, notwithstanding any provision of applicable nonbankruptcy law to the contrary, such property shall be liable for a debt of a kind specified in such paragraph);

((2)) a debt secured by a lien that is—

((A))

((i)) not avoided under subsection (f) or (g) of this section or under section 544, 545, 547, 548, 549, or 724(a) of this title; and

((ii)) not void under ; or

((B)) a tax lien, notice of which is properly filed;

((3)) a debt of a kind specified in section 523(a)(4) or 523(a)(6) of this title owed by an institution-affiliated party of an insured depository institution to a Federal depository institutions regulatory agency acting in its capacity as conservator, receiver, or liquidating agent for such institution; or

((4)) a debt in connection with fraud in the obtaining or providing of any scholarship, grant, loan, tuition, discount, award, or other financial assistance for purposes of financing an education at an institution of higher education (as that term is defined in section 101 of the Higher Education Act of 1965 ()).

((d)) The following property may be exempted under subsection (b)(2) of this section:

((1)) The debtor’s aggregate interest, not to exceed $15,000  in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

((2)) The debtor’s interest, not to exceed $2,400  in value, in one motor vehicle.

((3)) The debtor’s interest, not to exceed $400  in value in any particular item or $8,000  in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

((4)) The debtor’s aggregate interest, not to exceed $1,000  in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

((5)) The debtor’s aggregate interest in any property, not to exceed in value $800  plus up to $7,500  of any unused amount of the exemption provided under paragraph (1) of this subsection.

((6)) The debtor’s aggregate interest, not to exceed $1,500  in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.

((7)) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.

((8)) The debtor’s aggregate interest, not to exceed in value $8,000  less any amount of property of the estate transferred in the manner specified in , in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent.

((9)) Professionally prescribed health aids for the debtor or a dependent of the debtor.

((10)) The debtor’s right to receive—

((A)) a social security benefit, unemployment compensation, or a local public assistance benefit;

((B)) a veterans’ benefit;

((C)) a disability, illness, or unemployment benefit;

((D)) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

((E)) a payment under a stock bonus, pension, profitsharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless—

((i)) such plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor’s rights under such plan or contract arose;

((ii)) such payment is on account of age or length of service; and

((iii)) such plan or contract does not qualify under section 401(a), 403(a), 403(b), or 408 of the Internal Revenue Code of 1986.

((11)) The debtor’s right to receive, or property that is traceable to—

((A)) an award under a crime victim’s reparation law;

((B)) a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

((C)) a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individual’s death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

((D)) a payment, not to exceed $15,000, on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or

((E)) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.

((12)) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.

((e)) A waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt under subsection (b) of this section. A waiver by the debtor of a power under subsection (f) or (h) of this section to avoid a transfer, under subsection (g) or (i) of this section to exempt property, or under subsection (i) of this section to recover property or to preserve a transfer, is unenforceable in a case under this title.

((f))

((1)) Notwithstanding any waiver of exemptions but subject to paragraph (3), the debtor may avoid the fixing of a lien on an interest of the debtor in property to the extent that such lien impairs an exemption to which the debtor would have been entitled under subsection (b) of this section, if such lien is—

((A)) a judicial lien, other than a judicial lien that secures a debt of a kind that is specified in section 523(a)(5); or

((B)) a nonpossessory, nonpurchase-money security interest in any—

((i)) household furnishings, household goods, wearing apparel, appliances, books, animals, crops, musical instruments, or jewelry that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor;

((ii)) implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor; or

((iii)) professionally prescribed health aids for the debtor or a dependent of the debtor.

((2))

((A)) For the purposes of this subsection, a lien shall be considered to impair an exemption to the extent that the sum of—

((i)) the lien;

((ii)) all other liens on the property; and

((iii)) the amount of the exemption that the debtor could claim if there were no liens on the property;

((B)) In the case of a property subject to more than 1 lien, a lien that has been avoided shall not be considered in making the calculation under subparagraph (A) with respect to other liens.

((C)) This paragraph shall not apply with respect to a judgment arising out of a mortgage foreclosure.

((3)) In a case in which State law that is applicable to the debtor—

((A)) permits a person to voluntarily waive a right to claim exemptions under subsection (d) or prohibits a debtor from claiming exemptions under subsection (d); and

((B)) either permits the debtor to claim exemptions under State law without limitation in amount, except to the extent that the debtor has permitted the fixing of a consensual lien on any property or prohibits avoidance of a consensual lien on property otherwise eligible to be claimed as exempt property;

((4))

((A)) Subject to subparagraph (B), for purposes of paragraph (1)(B), the term “household goods” means—

((i)) clothing;

((ii)) furniture;

((iii)) appliances;

((iv)) 1 radio;

((v)) 1 television;

((vi)) 1 VCR;

((vii)) linens;

((viii)) china;

((ix)) crockery;

((x)) kitchenware;

((xi)) educational materials and educational equipment primarily for the use of minor dependent children of the debtor;

((xii)) medical equipment and supplies;

((xiii)) furniture exclusively for the use of minor children, or elderly or disabled dependents of the debtor;

((xiv)) personal effects (including the toys and hobby equipment of minor dependent children and wedding rings) of the debtor and the dependents of the debtor; and

((xv)) 1 personal computer and related equipment.

((B)) The term “household goods” does not include—

((i)) works of art (unless by or of the debtor, or any relative of the debtor);

((ii)) electronic entertainment equipment with a fair market value of more than $500  in the aggregate (except 1 television, 1 radio, and 1 VCR);

((iii)) items acquired as antiques with a fair market value of more than $500  in the aggregate;

((iv)) jewelry with a fair market value of more than $500  in the aggregate (except wedding rings); and

((v)) a computer (except as otherwise provided for in this section), motor vehicle (including a tractor or lawn tractor), boat, or a motorized recreational device, conveyance, vehicle, watercraft, or aircraft.

((g)) Notwithstanding sections 550 and 551 of this title, the debtor may exempt under subsection (b) of this section property that the trustee recovers under section 510(c)(2), 542, 543, 550, 551, or 553 of this title, to the extent that the debtor could have exempted such property under subsection (b) of this section if such property had not been transferred, if—

((1))

((A)) such transfer was not a voluntary transfer of such property by the debtor; and

((B)) the debtor did not conceal such property; or

((2)) the debtor could have avoided such transfer under subsection (f)(1)(B) of this section.

((h)) The debtor may avoid a transfer of property of the debtor or recover a setoff to the extent that the debtor could have exempted such property under subsection (g)(1) of this section if the trustee had avoided such transfer, if—

((1)) such transfer is avoidable by the trustee under section 544, 545, 547, 548, 549, or 724(a) of this title or recoverable by the trustee under ; and

((2)) the trustee does not attempt to avoid such transfer.

((i))

((1)) If the debtor avoids a transfer or recovers a setoff under subsection (f) or (h) of this section, the debtor may recover in the manner prescribed by, and subject to the limitations of, , the same as if the trustee had avoided such transfer, and may exempt any property so recovered under subsection (b) of this section.

((2)) Notwithstanding , a transfer avoided under section 544, 545, 547, 548, 549, or 724(a) of this title, under subsection (f) or (h) of this section, or property recovered under , may be preserved for the benefit of the debtor to the extent that the debtor may exempt such property under subsection (g) of this section or paragraph (1) of this subsection.

((j)) Notwithstanding subsections (g) and (i) of this section, the debtor may exempt a particular kind of property under subsections (g) and (i) of this section only to the extent that the debtor has exempted less property in value of such kind than that to which the debtor is entitled under subsection (b) of this section.

((k)) Property that the debtor exempts under this section is not liable for payment of any administrative expense except—

((1)) the aliquot share of the costs and expenses of avoiding a transfer of property that the debtor exempts under subsection (g) of this section, or of recovery of such property, that is attributable to the value of the portion of such property exempted in relation to the value of the property recovered; and

((2)) any costs and expenses of avoiding a transfer under subsection (f) or (h) of this section, or of recovery of property under subsection (i)(1) of this section, that the debtor has not paid.

((l)) The debtor shall file a list of property that the debtor claims as exempt under subsection (b) of this section. If the debtor does not file such a list, a dependent of the debtor may file such a list, or may claim property as exempt from property of the estate on behalf of the debtor. Unless a party in interest objects, the property claimed as exempt on such list is exempt.

((m)) Subject to the limitation in subsection (b), this section shall apply separately with respect to each debtor in a joint case.

((n)) For assets in individual retirement accounts described in section 408 or 408A of the Internal Revenue Code of 1986, other than a simplified employee pension under section 408(k) of such Code or a simple retirement account under section 408(p) of such Code, the aggregate value of such assets exempted under this section, without regard to amounts attributable to rollover contributions under section 402(c), 402(e)(6), 403(a)(4), 403(a)(5), and 403(b)(8) of the Internal Revenue Code of 1986, and earnings thereon, shall not exceed $1,000,000  in a case filed by a debtor who is an individual, except that such amount may be increased if the interests of justice so require.

((o)) For purposes of subsection (b)(3)(A), and notwithstanding subsection (a), the value of an interest in—

((1)) real or personal property that the debtor or a dependent of the debtor uses as a residence;

((2)) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence;

((3)) a burial plot for the debtor or a dependent of the debtor; or

((4)) real or personal property that the debtor or a dependent of the debtor claims as a homestead;

((p))

((1)) Except as provided in paragraph (2) of this subsection and sections 544 and 548, as a result of electing under subsection (b)(3)(A) to exempt property under State or local law, a debtor may not exempt any amount of interest that was acquired by the debtor during the 1215-day period preceding the date of the filing of the petition that exceeds in the aggregate $125,000  in value in—

((A)) real or personal property that the debtor or a dependent of the debtor uses as a residence;

((B)) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence;

((C)) a burial plot for the debtor or a dependent of the debtor; or

((D)) real or personal property that the debtor or dependent of the debtor claims as a homestead.

((2))

((A)) The limitation under paragraph (1) shall not apply to an exemption claimed under subsection (b)(3)(A) by a family farmer for the principal residence of such farmer.

((B)) For purposes of paragraph (1), any amount of such interest does not include any interest transferred from a debtor’s previous principal residence (which was acquired prior to the beginning of such 1215-day period) into the debtor’s current principal residence, if the debtor’s previous and current residences are located in the same State.

((q))

((1)) As a result of electing under subsection (b)(3)(A) to exempt property under State or local law, a debtor may not exempt any amount of an interest in property described in subparagraphs (A), (B), (C), and (D) of subsection (p)(1) which exceeds in the aggregate $125,000  if—

((A)) the court determines, after notice and a hearing, that the debtor has been convicted of a felony (as defined in ), which under the circumstances, demonstrates that the filing of the case was an abuse of the provisions of this title; or

((B)) the debtor owes a debt arising from—

((i)) any violation of the Federal securities laws (as defined in section 3(a)(47) of the Securities Exchange Act of 1934), any State securities laws, or any regulation or order issued under Federal securities laws or State securities laws;

((ii)) fraud, deceit, or manipulation in a fiduciary capacity or in connection with the purchase or sale of any security registered under section 12 or 15(d) of the Securities Exchange Act of 1934 or under section 6 of the Securities Act of 1933;

((iii)) any civil remedy under ; or

((iv)) any criminal act, intentional tort, or willful or reckless misconduct that caused serious physical injury or death to another individual in the preceding 5 years.

((2)) Paragraph (1) shall not apply to the extent the amount of an interest in property described in subparagraphs (A), (B), (C), and (D) of subsection (p)(1) is reasonably necessary for the support of the debtor and any dependent of the debtor.