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.
|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)|
|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.