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Kentucky State Bankruptcy Exemptions |
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Kentucky State Bankruptcy Exemptions |
| ASSET | EXEMPTION | LAW PROVISION |
| HOMESTEAD | Real or personal property used as residence to $5,000; sale proceeds exempt | 427.060, 427.090 |
| 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) |
| Property of business partnership | 362.270 | |
| PENSIONS | Firefighters, police officers |
67A.620,
95.8878, 427.120 427.125 |
| IRAs | In re Worthington, 28 B.R. 736 (W.D. KY. 1983) | |
| State employees | 61.690 | |
| Teachers | 161.700 | |
| Urban county government employees | 67A.350 | |
| Other pensions | 427.150(2)(e), (f) | |
| 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) | |
| 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 |
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| Tools, equipment, livestock and poultry of farmer to $3,000 | 427.010(1) | |
| Tools of non-farmer to $300 | 427.030 | |
| WAGES | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors | 427.010(2), (3) |
| WILDCARD | $1,000 of any property | 427.160 |
Thursday January 12, 2006