FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE All Bankruptcy law references are to Kentucky Revised Code unless noted. |
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 |
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 |