Will The Court Come To My House And Take My Furniture, My Cars, Or My House?

I tell my potential clients in Northern Kentucky that there are very liberal exemptions that are allowed in the state of Kentucky and in most cases, people can file bankruptcy and exempt all of their assets that are not securing debt.

Here's a chart of the exemptions you are allowed to have.

These Kentucky Exemptions are approximate and increase by Cost of Living increases every year
Real Property Exemption is now over 20,000 per debtor($20,000). But you must live in the property or it is reduced by 1/2. Tools Equipment and Livestock Exemption is now over ($1,850)
Household goods Exemption is now over per debtor ($10,000) Personal Injury Case Exemption is now over($18,450)
Automobiles Exemption is now over per debtor ($3,250) Property Any Kind Exemption is now over ($950 + 1/2 of any unused homestead up to $10,000)
Professional Library ($1,000)(attorneys lawyers doctors) Retirement Accounts Unlimited Amount Exemption
Professional Vehicle ($2,500)(attorneys lawyers doctors) Professional Library and Professional Tools ($300)

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
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