Bankruptcy Exemptions Owensboro Kentucky

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Owensboro Kentucky Bankruptcy: Exemptions

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Owensboro Kentucky and Indiana Exemptions

Exempted property is the property a person may keep. The Kentucky and Indiana Exemptions are listed below. "Wildcard" exemptions may be added to other exemptions. These are the exemptions for Kentucky and Indiana. Kentucky uses the federal exemptions which is the majority rule and Federal exemptions increase every year. Your state may use it's own amounts. Otherwise the bankruptcy rules are generally the same in every state.

Indiana Exemptions
Real Property Exemption $4,000 per debtor	Widow's Exemption $8500
Homestead Exemption $7,500 per debtor	Intangible Property Exemption $100

Kentucky and Federal Exemptions These amounts are for 2008 they are approximate and increase annually.
Real Property $20,500 per debtor You must live in the home to claim the exemption. Any unclaimed exemption can be used as a wildcard for any other property but it is reduced by 50%	Tools Equipment and Livestock ($1850)
Household goods Exemption $10500 per debtor	Personal Injury Case ($20,500)
Automobiles per debtor ($3500)	Property Any Kind (950 + 1/2 of any unused homestead up to $10,250)
Professional Library $1,000 (attorneys lawyers doctors)	Retirement Accounts Unlimited Amount for this Exemption
Professional Vehicle $2500 (attorneys lawyers doctors)	Professional Library and Professional Tools $300

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