laz
10-13-2004, 11:55 AM
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.
A judgment debtor generally is entitled to a homestead exemption upon real property from execution, attachment, or sale under legal proceedings during his life, to the extent of of $5,000.00 in aggregate value,
Personal property which may be exempt from execution, seizure or attachment may include any items of his owned and possessed personal property, including
money and funds on deposit with a bank or other financial institution, up to the aggregate value of four thousand dollars ($4,000). (26-2-102.)
A judgment debtor is entitled to an absolute exemption of all necessary and proper wearing apparel for the actual use of himself and family and the trunks or receptacles necessary to contain same,
all family portraits and pictures, and the family Bible and school books. (26-2-103(a).)
Other exemptions to which a judgment debtor may be entitled may include:
state pension funds,
Crime victim's awards, $5,000;
Insurance proceeds from destruction of homestead, $5,000;
Personal injury payments, $7,500;
Personal property including money and bank accounts, $4,000;
tools of trade, $1,900;
retirement funds qualified under §§ 401(a), 403(a), 403(b), and 408 of the federal Internal Revenue Code of 1986, as amended, (26-2-104),
accident, health, or disability insurance insuring the assured against loss by reason of accidental personal injuries, or insuring the assured against loss by reason of physical disability resulting from disease (26-2-110),
social security benefits,
veteran's benefits,
disability, illness, or unemployment benefit (26-2-111).
A judgment debtor generally is entitled to a homestead exemption upon real property from execution, attachment, or sale under legal proceedings during his life, to the extent of of $5,000.00 in aggregate value,
Personal property which may be exempt from execution, seizure or attachment may include any items of his owned and possessed personal property, including
money and funds on deposit with a bank or other financial institution, up to the aggregate value of four thousand dollars ($4,000). (26-2-102.)
A judgment debtor is entitled to an absolute exemption of all necessary and proper wearing apparel for the actual use of himself and family and the trunks or receptacles necessary to contain same,
all family portraits and pictures, and the family Bible and school books. (26-2-103(a).)
Other exemptions to which a judgment debtor may be entitled may include:
state pension funds,
Crime victim's awards, $5,000;
Insurance proceeds from destruction of homestead, $5,000;
Personal injury payments, $7,500;
Personal property including money and bank accounts, $4,000;
tools of trade, $1,900;
retirement funds qualified under §§ 401(a), 403(a), 403(b), and 408 of the federal Internal Revenue Code of 1986, as amended, (26-2-104),
accident, health, or disability insurance insuring the assured against loss by reason of accidental personal injuries, or insuring the assured against loss by reason of physical disability resulting from disease (26-2-110),
social security benefits,
veteran's benefits,
disability, illness, or unemployment benefit (26-2-111).