Kentucky Bankruptcy

What Are The Kentucky Bankruptcy Exemptions?

Kentucky law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a Kentucky bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Kentucky. In general, the major Kentucky bankruptcy exemptions include:

Real Estate (the Homestead Exemption)
Up to $18,450 in the value of real property used as a residence may be protected.
One automobile valuing up to $2,950 can be protected.
Other Property
$475 in value in any particular item ($9,850 in aggregate value) in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments; $1,225 in value of jewelry; $1,850 in value of any implements, professional books, or tools, of the trade of the debtor; 100 percent of the value of professionally described health aids.
Go to the complete list of Kentucky bankruptcy exemptions

Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.

Which state’s exemption laws apply in your bankruptcy?

Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.

If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.

If application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.

Is Kentucky a Community Property State?

No, Kentucky is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.

How did your senator vote on the new bankruptcy laws?

Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?

Bunning (R-KY) — YEA 
McConnell (R-KY) — YEA

Kentucky Bankruptcy Court Locations:

US Bankruptcy Court
100 E. Vine St.
Suite 200
Lexington, KY 40507.
(859) 233-2608

Federal Courthouse
241 East Main Street
Bowling Green, KY 42101
(502) 627-5700

Gene Snyder Federal Courthouse
601 W. Broadway
Louisville, Kentucky 40202
(502) 627-5700

United States Courthouse
423 Frederica Street
Owensboro, KY 42301
(502) 627-5700

United States Courthouse
501 Broadway
Paducah, KY 42001
(502) 627-5700

Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.

Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.

Kentucky Bankruptcy Attorney Locations:

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