Kentucky Bankruptcy Exemptions

This list of exemptions updated December 2009. All law references are to Kentucky Revised Statutes unless otherwise noted. Federal bankruptcy exemptions are not available in Kentucky.

Homestead

Real or personal property used as a family residence up to $5,000. Sale proceeds are also exempt. (427.060)

Insurance

Annuity contract proceeds up to $350 per month (304.14-330)

Fraternal benefit society benefits; casualty insurance or cooperative life benefits (427.110)

Group life insurance proceeds. (304.14-320)

Health or disability benefits. (304.14-310)

Life insurance policy if the beneficiary is a married woman. (304.14-340)

Life insurance proceeds if policy prohibits use to pay creditors. (304.14-350)

Life insurance cash value or proceeds if the beneficiary is someone other than the insured. (304.14-300)

Misc.

Alimony or child support needed for support. (427.150)

Pensions

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. (11 U.S.C. § 522)

ERISA - all qualified benefits that were deposited more than 120 days before filing for bankruptcy. (427.150)

Firefighters (67A.620)

Police officers (427.120)

State employees (61.690)

Teachers (161.700)

Urban county government employees (67A.350)

Personal Property

Burial plot up to $5,000 instead of homestead. (427.060)

Motor vehicle up to $2,500; health aids; clothing, furniture, jewelry, and articles of adornment up to $3,000 total. (427.010)

Lost earnings payments needed for support; wrongful death recoveries for person you depended upon for support; personal injury recoveries up to $7,500, but not including pain, suffering, or pecuniary loss. (427.150)

Medical expenses paid and reparation benefits received under the motor vehicle reparation law. (304.39-260)

Prepaid tuition payment fund accounts (164A.707(3))

Public Benefits

Public assistance; aid to blind, aged, disabled. (205.220)

Crime victims' compensation (427.150)

Unemployment compensation (341.470)

Workers' compensation (342.180)

Tools of Trade

Farmer's tools, equipment, livestock, and poultry up to $3,000. (427.010)

Nonfarmer's tools up to $300; motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, surgeon, dentist, veterinarian, or chiropractor up to $2,500. (427.030)

Library, office equipment, instruments and furnishings of a minister, attorney, physician, surgeon, dentist, veterinarian, or chiropractor up to $1,000. (427.040)

Wages

The greater of the following: 30 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtors. (427.010)

Wildcard

Any property up to $1,000 (427.160)

Other - Add any applicable Federal Nonbankruptcy Exemptions

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