Hawaii Bankruptcy Laws

Every Hawaii bankruptcy district court have their own set of bankruptcy laws known as the Hawaii bankruptcy laws and handles all types of bankruptcy cases for the individuals residing permanently in the state. The four district bankruptcy courts are located in Hilo, Honolulu, Lihue, and Wailuku.

Exemptions As Per The Hawaii Bankruptcy Laws

Following are the ways in which the exemptions for various properties and funds are interpreted, under the Hawaii bankruptcy laws.

•If you are the head of your family or if your age is 65 or more, you can exempt the homestead properties for up to the value of thirty thousand dollars. In other cases, only twenty thousand dollars are allowed in terms of homestead properties. In addition, the total area of the exempted homestead properties must not exceed one acre.
•Under the Hawaii bankruptcy laws, if you are a married couple and have some properties held as tenancy, you can also use the same for homestead exemptions, but you can use the exemptions only against the debts owed by one of the partners.
•Insurance funds and benefits that are exemptible include all types of disability benefits, proceeds, or policies of group life insurance, etc.
•The life insurance policy or the health insurance policy of your spouse or child or both is allowed for exemption, under the Hawaii bankruptcy laws.
•Properties that you are using under a partnership business are also exemptible under the miscellaneous properties category.
•Pension funds and benefits are exempted for following individuals.
◦Public officers and other employees
•If you are qualified for some ERISA benefits – the one that you deposited over three years before filing court petition for bankruptcy, you are allowed to exempt such funds under the Hawaii bankruptcy laws.
•Jewelry products are exempted for up to the value of one thousand dollars.
•Motor vehicles up to 2,575 dollars are also exemptible.
•No wild card properties can be exempted under the Hawaii bankruptcy laws.