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| UNITED STATES BANKRUPTCY COURTS | |||||||||
| State Of Kentucky | |||||||||
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| Kentucky
Western District Court |
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| Exemptions: In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The Kentucky statutes permit exemption of a debtor's real and personal property which are used by the debtor and his family as a residence in the aggregate value of $5,000.00. Some of the items of personal property which may be exempt include clothing, household furniture and furnishings and ornaments not to exceed $3,000.00 in value, tools, equipment and livestock not exceeding $3,000.00 in value, and motor vehicle and its necessary accessories not exceeding in aggregate $2,500.00 in value. (KRS 427.010.) In addition, a debtor may be entitled to exemption of awards under a crime victim's reparation law, certain portion of recovery from wrongful death or personal injury actions, pension, retirement benefits, (KRS 427.150), and a general exemption not to exceed $1,000.00 in value to be applied toward any property, real or personal, tangible or intangible, in his estate when he has filed for bankruptcy. (KRS 427.160.) In a bankruptcy proceeding, a debtor, who is a resident of Kentucky, is not permitted to elect the exemptions provided under the federal Bankruptcy Code (K.S.A. 60-2312) even though the federal exemptions may be more beneficial in his situation. (KRS 427.170.) |
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