Kentucky Bankruptcy Laws

The Kentucky bankruptcy laws have defined the properties exempted in their own way. However, like most of the other states, you can also use the Federal supplemental exemptions along with the state specific exemptions. The Kentucky bankruptcy courts are located at nine places in total under two region groups – Kentucky Western District Court and Kentucky Eastern District Court.

Properties Exempted Under Kentucky Bankruptcy Laws

The various property exemptions have been interpreted in Kentucky bankruptcy laws in the following manner:

•The homestead exemptions are allowed for up to five thousand dollars. Like most of the other states, the homestead properties under Kentucky bankruptcy laws also include real and mobile properties that you occupy.
•Under the insurance exemptions, the annuity contract proceeds are allowed to be exempted for up to 350 dollars on a monthly basis.
•Other insurance exemptions include Cooperative life or casualty insurance benefits, Health or disability benefits, Life insurance policy, and Group life insurance proceeds.
•Like most of the other states, the properties used in a partnership business are exemptible under the Kentucky bankruptcy laws.
•Under the Miscellaneous exemptions, you can also exempt any child support fund or benefits.
•Pension funds are allowed to be exempted for the following individuals:
◦State employees
◦Urban county government employees
◦Police officers
•Clothing and jewelry are also exemptible, but only up to the value of three thousand dollars in total.
•Burial plot is also exemptible under Kentucky bankruptcy laws, but that is allowed to be exempted only in lieu of the homestead exemptions.
•You can also keep your car or motor vehicle, but the amount must not exceed twenty five hundred dollars.
•Tools of trade exemptions amount to maximum of three thousand dollars. However, tools of non-farmer can only be exempted up to three hundred dollars.
•Wild card exemptions have also been included in Kentucky bankruptcy laws. The maximum amount exemptible in this regard is one thousand dollars.