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Kentucky Bankruptcy ExemptionsHomestead Real or personal property used as a family residence up to $5,000. Sale proceeds are also exempt. (427.060) Insurance Annuity contract proceeds up to $350 per month (304.14-330) Fraternal benefit society benefits; casualty insurance or cooperative life benefits (427.110) Group life insurance proceeds. (304.14-320) Health or disability benefits. (304.14-310) Life insurance policy if the beneficiary is a married woman. (304.14-340) Life insurance proceeds if policy prohibits use to pay creditors. (304.14-350) Life insurance cash value or proceeds if the beneficiary is someone other than the insured. (304.14-300) Misc. Alimony or child support needed for support. (427.150) Pensions Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. (11 U.S.C. § 522) ERISA - all qualified benefits that were deposited more than 120 days before filing for bankruptcy. (427.150) Firefighters (67A.620) Police officers (427.120) State employees (61.690) Teachers (161.700) Urban county government employees (67A.350) Personal Property Burial plot up to $5,000 instead of homestead. (427.060) Motor vehicle up to $2,500; health aids; clothing, furniture, jewelry, and articles of adornment up to $3,000 total. (427.010) Lost earnings payments needed for support; wrongful death recoveries for person you depended upon for support; personal injury recoveries up to $7,500, but not including pain, suffering, or pecuniary loss. (427.150) Medical expenses paid and reparation benefits received under the motor vehicle reparation law. (304.39-260) Prepaid tuition payment fund accounts (164A.707(3)) Public Benefits Public assistance; aid to blind, aged, disabled. (205.220) Crime victims' compensation (427.150) Unemployment compensation (341.470) Workers' compensation (342.180) Tools of Trade Farmer's tools, equipment, livestock, and poultry up to $3,000. (427.010) Nonfarmer's tools up to $300; motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, surgeon, dentist, veterinarian, or chiropractor up to $2,500. (427.030) Library, office equipment, instruments and furnishings of a minister, attorney, physician, surgeon, dentist, veterinarian, or chiropractor up to $1,000. (427.040) Wages The greater of the following: 30 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtors. (427.010) Wildcard Any property up to $1,000 (427.160) Other - Add any applicable Federal Nonbankruptcy Exemptions HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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