Vermont Bankruptcy

What Are The Vermont Bankruptcy Exemptions?

Vermont 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 Vermont bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Vermont. In general, the major Vermont bankruptcy exemptions include:

Real Estate (the Homestead Exemption)
Up to $75,000 of equity in your homestead can be protected.
Up to $2,500 of equity in one motor vehicle can be protected.
Other Property
$5,000 in professional books and tools of the trade; one wedding ring; $500 in other jewelry; $2,500 in furniture, goods or appliances, books, wearing apparel, animals, crops or musical instruments; growing crops up to $5,000; any other property, not to exceed $400 in value, plus up to $7,000 of any unused exemptions; one cooking stove, appliances needed for heating, one refrigerator, one freezer, one water heater, and sewing machines; and $700 in bank deposits.In Vermont, you have the choice of electing the federal exemption statutes rather than the Vermont state exemptions. Consult with a Vermont bankruptcy attorney for more details.
View the complete list of Vermont 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 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 the 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 Vermont a Community Property State?

No, Vermont 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?

Jeffords (I-VT) — NAY
Leahy (D-VT) — NAY

Vermont Bankruptcy Court Locations:

67 Merchants Row
P.O. Box 6648
Rutland, VT 05702-6648
(802) 776-2000

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.

Vermont Bankruptcy Attorney Locations:

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