The bill amends Title 42 of the Pennsylvania Consolidated Statutes by adding a new section, 8105, which establishes a bankruptcy exemption for individuals and married couples filing jointly in bankruptcy proceedings under 11 U.S.C. This new section allows filers to choose between federal exemptions or specific state exemptions, which include up to $650,000 in equity for a primary residence, adjusted for inflation, and personal property exemptions of $50,000 for individuals and $100,000 for married couples, also subject to inflation adjustments.

Additionally, the bill outlines various categories of exempt property, including health aids, current wages, alimony, burial plots, Social Security benefits, college savings plans, unemployment benefits, workers' compensation, medical assistance, federal program benefits, tax refunds, court-ordered restitution payments, and certain veterans' benefits. This comprehensive list aims to protect essential assets and benefits for individuals undergoing bankruptcy, ensuring that they retain necessary resources for their livelihood. The act is set to take effect 60 days after its passage.