Vermont State Exemption List
Federal or State Exemptions Allowed
In the state of Vermont you may use either the federal bankruptcy exemptions or the state bankruptcy exemptions. There may be certain federal supplemental exemptions you can use if you choose the Vermont State Exemptions. All exemptions should be discussed with your Vermont Bankruptcy Attorney.
Vermont has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in Vermont. There may be certain residency requirements to use the Vermont state exemption list.
The following table will outline the Vermont State Exemptions. Many of your assets may not have a matching exemption on this list.
|
Exemptions
|
Exemption Amount
|
Statutes
|
Homestead |
$75,000. May include outbuildings, rents, issues, and profits. Spouse of deceased owner may claim
Tenancies by the entirety are exempt without limit as to debts of one spouse |
(27 V.S.A. § 105)
21 B.R. 736 (D. Ver. 1982)]. |
| Personal Property |
Motor vehicles up to $2,500; clothing, goods, furnishings, appliances, books, musical instruments, animals and crops up to $2,500 total; refrigerator, stove, freezer, water heater, heating unit and sewing machines; health aids; bank deposits up to $700; wedding ring; jewelry up to $500; 500 gallons of oil, 5 tons of coal or 10 cords of firewood; 500 gallons of bottled gas; lost future earnings for yourself or a person you depended upon; personal injury and wrongful death recoveries for a person you depended upon; 1 cow, 10 sheep, 10 chickens, 3 swarms of bees, and feed to last 1 winter; 1 yoke of oxen or steers, 2 horses, 2 harnesses, 2 halters, 2 chains, 1 plow and 1 ox yoke; growing crops up to $5,000.
400 of any property; plus $7,000, less any amount claimed for clothing, goods, furnishings, appliances, books, musical instruments, animals, crops, motor vehicle, jewelry, tools of trade and growing crops, of any property. |
12-2740
12-2740 |
| Wages |
The greater of the following: 30 times the federal minimum hourly wage or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtors; all wages if you received welfare during the 2 months prior to filing for bankruptcy. |
12-3170 |
| Pensions |
Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.
State employees.
Self-directed accounts including IRAs and Keoghs as long as contributions were made more than 1 year before filing; other pensions.
Teachers.
Municipal employees. |
11 U.S.C. § 522
3-476
12-2740
16-1946
24-5066 |
| Public Benefits |
Veterans' benefits, Social Security, and crime victims' compensation needed for support.
Workers' compensation.
Unemployment compensation.
General assistance; aid to blind, aged, and disabled. |
12-2740
21-681
21-1376
33-124 |
| Tools of Trade |
Tools and books of trade up to $5,000. |
12-2740 |
| Alimony and Child Support |
Alimony and child support needed for support |
12-2740 |
| Insurance |
Life insurance proceeds if policy prohibits use to pay creditors.
Life insurance proceeds if insured is not the beneficiary.
Group life or health benefits.
Annuity contract benefits up to $350 per month.
Health benefits up to $200 per month.
Fraternal benefit society benefits.
Not matured life insurance contract (but not credit insurance policy); disability or illness benefits needed for support; life insurance proceeds for a person you depended upon. |
8-3705
8-3706
8-3708
8-3709
8-4086
8-4478
12-2740 |