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Vermont State Bankruptcy Exemptions |
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Vermont State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemptions are available. All law references are to Vermont Statutes Annotated unless otherwise noted. |
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| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
Real
property or mobile home to $75,000; may also claim
rents, issues, profits & out-buildings Spouse of deceased owner may claim homestead exemption Property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
27-101 27-105 In re McQueen, 21 B.R. 736 (D. Ver. 1982) |
| Insurance |
Annuity
contract benefits to $350 per month Disability benefits that supplement life insurance or annuity contract Disability or illness benefits needed for support Fraternal benefit society benefits Group life or health benefits Health benefits to $200 per month Life insurance proceeds if beneficiary is not the insured Life insurance proceeds for person you depended on Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors Uninsured life insurance contract other than credit |
8-3709 8-3707 12-2740(19) (C) 8-4478 8-3708 8-4086 8-3706 12-2740(19) (H) 8-3705 12-2740(18) |
| Miscellaneous |
Alimony,
child support needed for support Property of business partnership |
12-2740(19) (D) 11-1282 |
| Pensions |
Municipal employees Self-directed accounts (IRAs, Keoghs) to $10,000 State employees Teachers Other pensions |
24-5066 12-2740(16) 3-476 16-1946 12-2740(19) (J) |
| Personal Property |
Appliances, furnishings, goods, clothing, books, crops,
animals, musical instruments to $2500 total Cow, 2 goats, 10 sheep, 10 chickens; 3 swarms of bees & their honey; feed to last 1 winter; 10 cords of firewood, 5 tons of coal or 500 gallons of oil; 500 gallons of bottled gas; growing crops to $5000; 2 harnesses, 2 halters, 2 chains, plow & ox yoke; yoke of oxen or steers & 2 horses Jewelry to $500; wedding ring unlimited Motor vehicles to $2500; bank deposits to $700 Personal injury recoveries for person you depended on Stove, heating unit, refrigerator, freezer, water heater & sewing machines; lost future earnings for you or person you depended on; health aids Wrongful death recoveries for person you depended on |
12-2740(5)
12-2740(6) 12-2740(9)-(14) 12-2740(3), (4) 12-2740(1), (15) 12-2740(19) (F) 12-2740(8), 12-2740(17), 12-2740(19) (1) 12-2740(19) (G) |
| Public Benefits |
Aid to
blind, disabled, aged, general assistance Crime victims’ compensation needed for support Social security needed for support Unemployment compensation Veterans’ benefits needed for support Workers’ compensation |
33-124 12-2740(19) (E) 12-2740(19) (A) 21-1367 12-2740(19) (B) 21-681 |
| Tools of Trade | Books & tools of trade to $5000 | 12-2740(2) |
| Wages |
Minimum
75% of earned but unpaid wages; bankruptcy judge may
authorize more for low-income debtors Wages, if received welfare during 2 months before filing |
12-3170 12-3170 |
| Wild Card |
$7000
less any amount of appliances, et al, growing crops,
jewelry, motor vehicle & tools of trade, of any property $400 of any property |
12-2740(7) 12-2740(7) |
Thursday January 12, 2006