Vermont State Economy:
Vermont has the smallest economy in the United States, coming in at just $35 billion dollars. The state is largest producer of maple syrup in the country. The small state relies on Manufacturing and Production related industries to drive its economy.
Vermont Bankruptcy Court Locations:
11 Elmwood Ave, Rm 200
Burlington, VT 05401
US Bankruptcy Court
District of Vermont
151 West Street
Rutland, VT 05701
Vermont Bankruptcy Exemptions:
⦁ Homestead exemption. Up to $125,000 of the equity in your home, condo, or mobile home. Married couples cannot double the homestead exemption for a single home. (§27-101)
⦁ Personal property. Appliances, furnishings, goods, clothing, books, crops, animals, and musical instruments up to $2,500 total; bank deposits up to $700; various livestock; specific amounts of coal, heating oil, and firewood; growing crops up to $5,000; health aids; jewelry up to $500; wedding ring; personal injury and wrongful death recoveries and lost future earnings for you or someone you depend on; stove; heating unit; refrigerator; freezer; water heater; sewing machine. (§12-2740)
⦁ Motor vehicle exemption. Up to $2,500 of equity in a car, van, motorcycle, truck, SUV, or another motor vehicle. (§12-2740)
⦁ Pensions. Municipal employees (§24-5066); other pensions (§12-2740(19)(J)); self-directed retirement accounts (such as IRAS, Roth IRAs, and Keoghs), but only those contributions that you made at least one year before filing (§12-2740(16)); state employees (§3-476); teachers (§16-1946). (For more information about tax-exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans),
⦁ Public benefits. Aid to the blind, aged, and disabled and general assistance (§33-124); crime victims’ compensation needed for support (§12-2740(19)(E)); Social Security needed for support (§12-2740(19)(A)); unemployment compensation (§21-1367); veteran’s benefits needed for support (§12-2740(19)(B)); workers’ compensation (§21-681).
⦁ Tools of trade. Tools and books used in your trade or profession up to $5,000. (§12-2740(2))
⦁ Insurance. Annuity contract benefits up to $350 per month (§8-3709); disability benefits that supplement life insurance or an annuity contract (§8-3707); disability or illness benefits if you need them for support (§12-2740(19)(C)); fraternal benefit society benefits (§8-4478); group life or health benefits (§8-3708); health benefits up to $200 per month (§8-4086); life insurance proceeds for someone you depended on (§12-2740(19)(H)); life insurance proceeds if the contract states that the proceeds cannot be used to pay the beneficiary’s creditors (§8-3705); life insurance proceeds if the beneficiary is not the insured (§8-3706); unmatured life insurance contract, other than a credit life insurance contract (§12-2740(18)).
⦁ Miscellaneous. Alimony and child support. (§12-2740(19)(D))
⦁ Wildcard. $400 of any property, plus any unused exemption for motor vehicles, tools of the trade, jewelry, household furniture, appliances, clothing, and crops up to $7,000. (§12-2740(7))