Kentucky State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Kentucky law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$18,450 in value in real or personal property that the debtor or a
dependent of such debtor uses as a permanent residence or in a burial plot for
such debtor or a dependent of such debtor.
Wages
No specific exemption.
Automobiles
One motor vehicle and its necessary accessories not exceeding in the aggregate $2,950
in value.
Other Property
$475 in value in any particular item ($9,850 in aggregate value)
in household furnishings, household goods, wearing apparel, appliances, books,
animals, crops, or musical instruments; $1,225 in value of jewelry; $1,850
in value of any implements, professional books, or tools, of the trade of the
debtor; 100 percent of the value of professionally described health
aids.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete Kentucky bankruptcy
exemptions here
» Back to Bankruptcy Laws In Your State