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Kentukcy

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    Kentukcy

    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:

    burial plot to the extent that the homestead exemption is not used,
    Proceeds from the sale of a homestead, $5,000,
    household furniture, clothing and furnishings and ornaments not to exceed $3,000.00 in value,
    Farmer: tools, equipment and livestock not exceeding $3,000.00 in value,
    tools of trade, $300,
    tools of trade, certain professionals, $1,000,
    motor vehicle and its necessary accessories not exceeding in aggregate $2,500.00 in value. (KRS 427.010.)
    mechanic's automobile, $2,500,
    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.)
    www.BankruptcyForum.com

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