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.
ASSET | EXEMPTION | LAW |
---|---|---|
Kentucky Homestead | Real or personal property used as residence to $5,000 (sale proceeds exempt) | 427.060, 427.090 |
Wages | Minimum 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) |
Automobile | Up to $2,500 | 427.010(1) |
Other property | Health or disability benefits | 304.14-310 |
Alimony and child support needed for support | 427.150(1) | |
Clothing, jewelry, articles of adornment, and furnishings to $3,000 total | 427.010(1) | |
Health aids | 427.010(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 $1,000 | 427.040 | |
Wildcard | 1,000 of any property | 427.160 |
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.
Back to all State Bankruptcy Exemptions
Go to Complete State of Kentucky bankruptcy exemptions laws.