Methuss

STATE EXEMPTIONS (work in progress)

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Any info....the state of KY?

Thanks

I'm not a newbie anymore, status upgraded, looks like to a student, hey thanks,,,great!!!!

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Virginia exemptions

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. Virginia permits every householder exemption of real and personal property from creditor process arising out of a debt, an amount up to $5,000.00 in value, and an additional $500 in value for each dependent. (VA Code 34-4.) In addition, Virginia provides certain enumerated poor debtor's exemption. Some of these exemptions include the family Bible, wedding and engagement rings, family portraits and heirlooms not to exceed $5,000.00 in value, burial ground, wearing apparel, household furniture and furnishings, book, tools, and motor vehicle not to exceed $2,000 in value. (VA Code 34-26.) Court award or settlement proceeds from personal injury or wrongful death actions generally are also exempt. (VA Code 34-28.1.)

In a bankruptcy proceeding, a debtor, who is a resident of Virginia, is not permitted to elect the exemptions provided under the federal Bankruptcy Code even if the federal exemptions may be more beneficial in his situation. (VA Code 34-3.1.)

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Kentucky exemptions

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The Kentucky statutes permit exemption of a debtor's real and personal property which are used by the debtor and his family as a residence in the aggregate value of $5,000.00. Some of the items of personal property which may be exempt include clothing, household furniture and furnishings and ornaments not to exceed $3,000.00 in value, tools, equipment and livestock not exceeding $3,000.00 in value, and motor vehicle and its necessary accessories not exceeding in aggregate $2,500.00 in value. (KRS 427.010.) In addition, a debtor may be entitled to exemption of awards under a crime victim's reparation law, certain portion of recovery from wrongful death or personal injury actions, pension, retirement benefits, (KRS 427.150), and a general exemption not to exceed $1,000.00 in value to be applied toward any property, real or personal, tangible or intangible, in his estate when he has filed for bankruptcy. (KRS 427.160.)

In a bankruptcy proceeding, a debtor, who is a resident of Kentucky, is not permitted to elect the exemptions provided under the federal Bankruptcy Code (K.S.A. 60-2312) even though the federal exemptions may be more beneficial in his situation. (KRS 427.170.)

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Hello All,

I am about to be a college graduate and along the way have made some poor financial choices. So, I am ready to learn so that I can improve my score. Can anyone help with the exemptions for Maryland?

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Wage Garnishment and Bankruptcy Exemptions -- Nebraska

WAGE GARNISHMENT EXEMPTION: 75% of disposable earnings (85% if head of household) OR 30 times the federal minimum hourly wage, whichever is greater

MAXIMUM INTEREST RATE:

Legal: 12% or contract rate

Judgment: 1% above bond equivalent yield as published by U.S. Treasury

STATUTE OF LIMITATIONS ON ENFORCEMENT:

Open Contract (credit card): 4 years

Written Contract: 5 years

Domestic Judgment: 5 years (renewable)

Foreign Judgment: 5 years

BAD CHECK LAW DAMAGES: Amount of check, collection costs and protest fees

BANKRUPTCY PROPERTY EXEMPTIONS (Revised Statutes of Nebraska):

Cannot use federal exemptions, but can claim the federal non-bankruptcy exemptions

The State of Nebraska has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real Property: Real property used as residence up to $12,500, but cannot exceed two lots in city or town, and 160 acres elsewhere (sale proceeds exempt for six months after sale) [40-101, 40-111 and 40-113]

Personal Property: Any personal property up to $2,500 in lieu of real estate exemption (except wages) [25-1552]; furniture, computers, utensils, books and musical instruments up to $1,500 [25-1556]; clothing, amount needed [25-1556]; personal possessions, unlimited amount [25-1556]; enough food and fuel to last six months [25-1556]; health aids, unlimited amount [25-1556]; burial plot, crypt, lot, tomb, vault, unlimited amount [12-517 and 12-605]; equipment and tools needed for work up to $2,400 [25-1556]; perpetual care funds, unlimited amount [12-511]; personal injury recoveries, unlimited amount [25-1563.02]

Insurance / Annuities: Life insurance or annuity contract proceeds up to $10,000 [44-371]; fraternal society benefits up to $10,000 [44-1089]

Pensions / Retirement Plans: County employees, unlimited amount [23-2322]; state employees, unlimited amount [84-1324]; school employees, unlimited amount [79-948]; retirement benefits, amount needed for support [25-1563.01]; military disability benefits up to $2,000 [25-1559]

Public Benefits / Entitlements: Aid to aged, blind, disabled and families with dependent children, unlimited amount [68-1013]; workers compensation, unlimited amount [48-149]; unemployment compensation, unlimited amount [48-647]

Wages: Earned but unpaid wages or pension payments as follows: 85% if head of family, 75% all others [25-1558]

Miscellaneous: Business partnership property [67-325]

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Arkansas:

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The standard exemptions are provided under the Constitution of Arkansas.

The homestead of any resident of the State of Arkansas, who is married or the head of a family, are exempt from any lien of judgment, decree of any court, or to sale under exectuion or other process thereon, except for obligations that are for the purchase money or specific liens against the homestead, laborer's or mechanic's liens for improvement thereof, or for taxes. If the homestead, which is the residence of the debtor, is located in any city, town or village, it is limited to one acre of land with improvements thereon, and shall not exceed in value the sum of $2,500. If the homestead is located outside any city, town or village, it may not exceed one hundred and sixty acres of land, with the improvements thereon, and shall not exceed in value the sum of $2,500. (Ark. Const. Art. IX, Sec. 3 & 4; 16-66-210.)

Personal property exemption permitted under the Arkansas Constitution include the wearing apparels of the debtor and his family. If a debtor is not married, he may select certain personal property, up to the sum of $200, to be exempt from aany process for the collection of a debt founded on a contract. The exemption amount is increased to $500 if the debtor is married or the head of a family. (Ark. Const. Art. IX, Sec. 1 & 2.)

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Nevada

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.

In general, the equity in the homestead of a judgment debtor may be exempt from sale on execution and from process of court to the extent of $125,000.00 in value. (NRS 115.010.) Homestead may include a quantity of land, together with the dwelling house thereon and its appurtenances, a mobile home whether or not the underlying land is owned by the debtor, or a unit or real or personal property, with any appurtenant limited common elements, or its interest in the common elements of the common-interest community, selected by the debtor or his spouse, or either of them, or a single person. (NRS 115.005.)

Under NRS 21.090 some of the personal property of a judgment debtor which may be exempt from execution may include private libraries not to exceed $1,500 in value, and all family pictures and keepsake, necessary household goods and yard equipment not to exceed $3,000 in value, farm trucks, farm stock, farm tools, farm equipment, supplies and seed not to exceed $4,500 in value, professional libraries, office equipment, office supplies and the tools, instruments and materials used to carry on the trade of the judgment debtor for the support of himself and his family not to exceed $4,500 in value, the cabin or dwelling of a miner or prospector, his cars, implements and appliances necessary for carrying on any mining operations and his mining claim actually worked by the debtor, not exceeding $4,500 in total value, one vehicle if the judgment debtor’s equity does not exceed

$4,500, all money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance, if the

annual premium paid does not exceed $1,000, any prosthesis or equipment prescribed by a physician or dentist, money, not to exceed $500,000 in present value held in qualified retirement plans, employee pension plan or profit sharing plans, money or other benefits held pursuant to the order of a competent jurisdiction for child or spousal support, education and maintenance.

In a bankruptcy action, residents of the State of Nevada are not allowed those exemptions specified in subsection (d) of section 522 of the Bankruptcy Act of 1978 (92 Stat. 2586). (NRS 21.090(3).)

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Lemme know if any of 'em don't work. I think my knowledge of two letter state codes is correct.

Alabama

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=AL

http://business.uschamber.com/P98/P98_12_assettables_AL.asp

Alaska

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=AK

http://business.uschamber.com/P98/P98_12_assettables_AK.asp

Arizona

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=AZ

http://business.uschamber.com/P98/P98_12_assettables_AZ.asp

Arkansas

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=AR

http://business.uschamber.com/P98/P98_12_assettables_AR.asp

California

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=CA

http://business.uschamber.com/P98/P98_12_assettables_CA.asp

Colorado

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=CO

http://business.uschamber.com/P98/P98_12_assettables_CO.asp

Connecticut

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=CT

http://business.uschamber.com/P98/P98_12_assettables_CT.asp

Delaware

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=DE

http://business.uschamber.com/P98/P98_12_assettables_DE.asp

Florida

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=FL

http://business.uschamber.com/P98/P98_12_assettables_FL.asp

Georgia

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=GA

http://business.uschamber.com/P98/P98_12_assettables_GA.asp

Hawaii

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=HI

http://business.uschamber.com/P98/P98_12_assettables_HI.asp

Idaho

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=ID

http://business.uschamber.com/P98/P98_12_assettables_ID.asp

Illinois

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=IL

http://business.uschamber.com/P98/P98_12_assettables_IL.asp

Indiana

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=IN

http://business.uschamber.com/P98/P98_12_assettables_IN.asp

Iowa

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=IA

http://business.uschamber.com/P98/P98_12_assettables_IA.asp

Kansas

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=KS

http://business.uschamber.com/P98/P98_12_assettables_KS.asp

Kentucky

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=KY

http://business.uschamber.com/P98/P98_12_assettables_KY.asp

Louisiana

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=LA

http://business.uschamber.com/P98/P98_12_assettables_LA.asp

Maine

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=ME

http://business.uschamber.com/P98/P98_12_assettables_ME.asp

Maryland

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MD

http://business.uschamber.com/P98/P98_12_assettables_MD.asp

Massachusetts

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MA

http://business.uschamber.com/P98/P98_12_assettables_MA.asp

Michigan

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MI

http://business.uschamber.com/P98/P98_12_assettables_MI.asp

Minnesota

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MN

http://business.uschamber.com/P98/P98_12_assettables_MN.asp

Mississippi

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MS

http://business.uschamber.com/P98/P98_12_assettables_MS.asp

Missouri

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MO

http://business.uschamber.com/P98/P98_12_assettables_MO.asp

Montana

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=MT

http://business.uschamber.com/P98/P98_12_assettables_MT.asp

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Nebraska

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NE

http://business.uschamber.com/P98/P98_12_assettables_NE.asp

Nevada

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NV

http://business.uschamber.com/P98/P98_12_assettables_NV.asp

New Hampshire

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NH

http://business.uschamber.com/P98/P98_12_assettables_NH.asp

New Jersey

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NJ

http://business.uschamber.com/P98/P98_12_assettables_NJ.asp

New Mexico

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NM

http://business.uschamber.com/P98/P98_12_assettables_NM.asp

New York

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NY

http://business.uschamber.com/P98/P98_12_assettables_NY.asp

North Carolina

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=NC

http://business.uschamber.com/P98/P98_12_assettables_NC.asp

North Dakota

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=ND

http://business.uschamber.com/P98/P98_12_assettables_ND.asp

Ohio

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=OH

http://business.uschamber.com/P98/P98_12_assettables_OH.asp

Oklahoma

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=OK

http://business.uschamber.com/P98/P98_12_assettables_OK.asp

Oregon

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=OR

http://business.uschamber.com/P98/P98_12_assettables_OR.asp

Pennsylvania

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=PA

http://business.uschamber.com/P98/P98_12_assettables_PA.asp

Rhode Island

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=RI

http://business.uschamber.com/P98/P98_12_assettables_RI.asp

South Carolina

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=SC

http://business.uschamber.com/P98/P98_12_assettables_SC.asp

South Dakota

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=SD

http://business.uschamber.com/P98/P98_12_assettables_SD.asp

Tennessee

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=TN

http://business.uschamber.com/P98/P98_12_assettables_TN.asp

Texas

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=TX

http://business.uschamber.com/P98/P98_12_assettables_TX.asp

Utah

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=UT

http://business.uschamber.com/P98/P98_12_assettables_UT.asp

Vermont

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=VT

http://business.uschamber.com/P98/P98_12_assettables_VT.asp

Virginia

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=VA

http://business.uschamber.com/P98/P98_12_assettables_VA.asp

Washington

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=WA

http://business.uschamber.com/P98/P98_12_assettables_WA.asp

Washington, D.C.

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=DC

http://business.uschamber.com/P98/P98_12_assettables_DC.asp

West Virginia

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=WV

http://business.uschamber.com/P98/P98_12_assettables_WV.asp

Wisconsin

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=WI

http://business.uschamber.com/P98/P98_12_assettables_WI.asp

Wyoming

http://www.legalconsumer.com/bankruptcy/laws/state.php?st=WY

http://business.uschamber.com/P98/P98_12_assettables_WY.asp

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