Kentucky Bankruptcy Exemptions

The chart below contains a summary of Kentucky state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Kentucky bankruptcy exemptions laws.
Note:
Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Kentucky Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSETEXEMPTIONLAW
Kentucky HomesteadReal or personal property used as residence to $5,000 (sale proceeds exempt)427.060, 427.090
WagesMinimum 75% of disposable weekly earnings or 30 times the Federal minimum hourly wage per week (whichever is greater). Bankruptcy judge may authorize more for low-income debtors.427.010(2), (3)
AutomobileUp to $2,500427.010(1)
Other propertyHealth or disability benefits304.14-310
Alimony and child support needed for support427.150(1)
Clothing, jewelry, articles of adornment, and furnishings to $3,000 total427.010(1)
Health aids427.010(1)
Burial plot to $5,000 (in lieu of homestead)427.060
Library, office equipment, instruments, and furnishings of minister, attorney, physician, surgeon, chiropractor, veterinarian, or dentist to $1,000427.040
Wildcard1,000 of any property427.160

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Kentucky bankruptcy court statutes.

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Go to Complete State of Kentucky bankruptcy exemptions laws.

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