Kentucky, KY Bankruptcy Exemptions

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Kentucky, KY Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All law references are to Kentucky Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Kentucky Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real or personal property used as residence to $5,000; sale proceeds exempt	427.060
INSURANCE	Annuity contract proceeds to $350 per month	304.14-330
	Cooperative life or casualty insurance benefits	427.110(1)
	Fraternal benefit society benefits	427.110(2)
	Group life insurance proceeds	304.14-320
	Health or disability benefits	304.14-310
	Life insurance policy if beneficiary is a married woman	304.14-340
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	304.14-350
	Life insurance proceeds or cash value if beneficiary is someone other than insured	304.14-300
MISCELLANEOUS	Alimony, child support is needed for support	427.150(1)
MISCELLANEOUS	Property of business partnership	362.270
PENSIONS	Firefighters, police officers	67A.620
	State employees	61.690
	Teachers	161.700
	Urban county government employees	67A.350
	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
PERSONAL PROPERTY	Burial plot to $5,000 in lieu of homestead	427.060
	Clothing, jewelry, articles or adornment and furnishings to $3,000 total	427.010(1)
	Health aids	427.010(1)
	Lost earnings payments needed for support	427.150(2)(d)
	Medical expenses paid and reparation benefits received under motor vehicle reparation law	304.39-260
	Motor vehicle to $2,500	427.010(1)
	Personal injury recoveries to $7,500 (not to include pain and suffering or pecuniary loss)	427.150(2)(c)
	Wrongful death recoveries for person you depended on needed for support	427.150(2)(b)
	Prepaid tuition payment fund accounts	164A.707(3)
PUBLIC BENEFITS	Aid to blind, aged, disabled, public assistance	205.220
	Crime Victims’ Compensation	427.150(2)(a)
	Unemployment Compensation	341.470
	Workers compensation	342.180
TOOLS OF TRADE	Library, office equipment, instruments and furnishings of minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist to $1,000	427.040
	Motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist to $2,500	427.030
	Tools, equipment, livestock and poultry of farmer to $3,000	427.010(1)
	Tools of non-farmer to $300	427.030
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	$1,000 of any property	427.160

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