Kentucky Bankruptcy Exemption List

State or Federal Exemption List Allowed 

Kentucky has constructed their own list of bankruptcy exemptions, but you may use either the state list or the federal list of exemptions. The goal of the exemption list is to allow you to keep some of your assets and personal property even if you file bankruptcy.

It is important to discuss all of your personal property and what assets you may keep with a Kentucky Bankruptcy Attorney prior to filing bankruptcy. There may be some federal supplemental exemptions that you may be able to use if you choose the Kentucky exemption list. There also may be residency requirements you must meet to use the Kentucky list of exemptions. All of your assets and personal property may not have a corresponding exemption on the list.

Exemptions Exemption Amount Statutes
Homestead Real or personal property used as residence to $5,000; sale proceeds exempt 427.060, 427.090
Public Benefits Aid to blind, aged, disabled, public assistance 205.220
  Crime Victims’ Compensation 427.150(2)(a)
  Unemployment Compensation 341.470
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)
Tools of the 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
Wildcard $1,000 of any property 427.160
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)
  Burial plot to $5,000 in lieu of homestead 427.060
Miscellaneous Alimony, child support is needed for support 427.150(1)
  Property of business partnership 362.270
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

Wages

 

Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors 427.010(2), (3)

There are certain debts such as deeds of trust, taxes, and mortgages which are discharged by filing bankruptcy. Lenders may proceed with all legal debt collection efforts if you fail to pay non-dischargeable debt.

For more information call us at 866-210-1722 or fill out the form below.
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