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Kentucky State Economy:

The four key components of the Kentucky are 1) Manufacturing; 2) Agriculture; 3) Coal; 4) Logistics. Toyota Motor Manufacturing Kentucky manufacturers many popular models in the state, including the Rav4, Camry, and Avalon. Kentucky is also home to world famous Kentucky Derby, one leg of horse racing’s Triple Crown as well as a hub for UPS.

Kentucky Bankruptcy Court Locations:

Ashland

U.S. Bankruptcy Court
U.S. District Courtroom
1405 Greenup Ave., Ste 204
Ashland, KY 41101

Lexington

U.S. Bankruptcy Court
100 East Vine Street, Suite 200
Lexington, KY 40507

Covington

U.S. Bankruptcy Court
35 West 5th Street, Suite 306
Covington, KY 41011

Pikeville

U.S. Bankruptcy Court/U.S. Post Office and Courthouse
U.S. District Courtroom
110 Main Street, Suite 201
Pikeville, KY 41501

Frankfort

U.S. Bankruptcy Court
Community Trust Building
100 East Vine Street, Suite 200
Lexington, KY 40507

London

U.S. Bankruptcy Court
United States Courthouse Annex
U.S. District Courtroom C (3rd Floor)
310 South Main Street, London, KY 40741

Kentucky Bankruptcy Exemptions

Below is a list of commonly used Kentucky bankruptcy exemptions. Unless otherwise indicated, all references are to the Kentucky Revised Statutes Annotated.

Washington DC Homestead Exemption

The District of Columbia has a generous homestead exemption. You can protect all of the equity in your home or co-op as long as you or your dependents live there. (§ 15-501(1)(14).)

Homestead

Up to $5,000 worth of equity in any real or personal property in Kentucky that you use as a permanent residence. You may use your homestead exemption to protect a burial plot for yourself or your dependent. Ky. Rev. Stat. Ann § 427.060 & 090

Example.

You own a home worth $120,000 and you owe $116,000 to the mortgage lender; which means you have $4,000 worth of equity in your home. You can protect the full value of your home with the Kentucky homestead exemption.

Other Bankruptcy Exemptions

  • Personal property. Ky. Rev. Stat. Ann § 427.010(1) protects:
    ⦁ Up to $3,000 worth of household furnishings and clothing.
    ⦁ Up to $3,000 worth of tools, equipment, and livestock used in farming.
    ⦁ Up to $2,500 of equity in 1 motor vehicle with accessories, including 1 spare tire.
    ⦁ Professionally prescribed health aids for you or your dependent.
    Ky. Rev. Stat. Ann § 427.150 protects:
    ⦁ Alimony and support, to the extent reasonably necessary for you and your dependents’ support.
    ⦁ Crime victim’s reparation funds.
    ⦁ Wrongful death award from the death of a person upon whom you were dependent.
    ⦁ Up to $7,500 of value in a personal injury award resulting from injury to yourself or your dependent, to the extent reasonably necessary for the support of you and your dependents.
    ⦁ Awards for loss of future earnings, to the extent reasonably necessary for the support of you and your dependents.

  • Tools of the trade. Up to $300 worth of tools that you use in your trade and up to $2,500 of value in one motor vehicle and accessories, including one spare tire, if you are a mechanic or other skilled tradesperson who repairs or services mechanical, electrical, or other equipment. Ky. Rev. Stat. Ann § 427.030
    Up to $1,000 of value in a professional library, office equipment, instruments, or furnishings that are necessary to the practice of an attorney, minister, physician, veterinarian, or dentist and up to $2,500 of value in one motor vehicle and one spare tire. Ky. Rev. Stat. Ann § 427.040
  • Pensions and Retirement Accounts. ERISA-qualified retirement accounts. Ky. Rev. Stat. Ann § 427.150
    Police and firefighters’ pensions. Ky. Rev. Stat. Ann. § 67A.620; 427.125; 427.150(2)(e)
    State and county employees’ pensions. Ky. Rev. Stat. Ann. §§ 61.690; 427.150(2)(e); 67A.350
    Teachers’ pensions. Ky. Rev. Stat. Ann. §§ 161.700; 427.150(2)(e)

  • Public benefits. Public assistance. Ky. Rev. Stat. Ann. § 205.220
    Unemployment compensation. Ky. Rev. Stat. Ann. § 341.470
    Workers’ compensation. Ky. Rev. Stat. Ann. § 342.180

  • Insurance. Proceeds or benefits paid or to be paid by a cooperative life or casualty insurance company. Ky. Rev. Stat. Ann § 427.110
    Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors. Ky. Rev. Stat. Ann. § 304.14-350
    Life insurance proceeds or cash value if the beneficiary is someone other than insured. Ky. Rev. Stat. Ann. § 304.14-300
    Group life insurance proceeds. Ky. Rev. Stat. Ann. § 304.14-320
  •  Wildcard. Up to $1,000 of value in any real or personal property. Ky. Rev. Stat. Ann § 427.160.

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