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 this new provision, filers can choose between the Federal exemptions outlined in 11 U.S.C. 522(d) or specific exemptions provided by Pennsylvania law. Notably, the bill allows for up to $650,000 in equity for a primary residence, with adjustments based on the Consumer Price Index. Additionally, it sets personal property exemptions of $50,000 for individuals and $100,000 for married couples, along with allowances for certain nondischargeable debts and utility expenses.

The bill also enumerates 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, and several federal program benefits. Other exemptions include tax refunds, court-ordered restitution payments, and certain veterans' benefits. This legislation aims to provide greater financial protection for individuals undergoing bankruptcy in Pennsylvania, ensuring they retain essential assets and support during financial distress. The act is set to take effect 60 days after its passage.