|
Vermont Bankruptcy ExemptionsHomestead 27-101 - $75,000. May include outbuildings, rents, issues, and profits. Spouse of deceased owner may claim (27 V.S.A. § 105). Tenancies by the entirety are exempt without limit as to debts of one spouse [In m McQueen, 21 B.R. 736 (D. Ver. 1982)]. Personal Property 12-2740 - Motor vehicles up to $2,500; clothing, goods, furnishings, appliances, books, musical instruments, animals and crops up to $2,500 total; refrigerator, stove, freezer, water heater, heating unit and sewing machines; health aids; bank deposits up to $700; wedding ring; jewelry up to $500; 500 gallons of oil, 5 tons of coal or 10 cords of firewood; 500 gallons of bottled gas; lost future earnings for yourself or a person you depended upon; personal injury and wrongful death recoveries for a person you depended upon; 1 cow, 10 sheep, 10 chickens, 3 swarms of bees, and feed to last 1 winter; 1 yoke of oxen or steers, 2 horses, 2 harnesses, 2 halters, 2 chains, 1 plow and 1 ox yoke; growing crops up to $5,000. 12-2740 - $400 of any property; plus $7,000, less any amount claimed for clothing, goods, furnishings, appliances, books, musical instruments, animals, crops, motor vehicle, jewelry, tools of trade and growing crops, of any property. Wages 12-3170 - The greater of the following: 30 times the federal minimum hourly wage or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtors; all wages if you received welfare during the 2 months prior to filing for bankruptcy. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. 3-476 - State employees. 12-2740 - Self-directed accounts including IRAs and Keoghs as long as contributions were made more than 1 year before filing; other pensions. 16-1946 - Teachers. 24-5066 - Municipal employees. Public Benefits 12-2740 - Veterans' benefits, Social Security, and crime victims' compensation needed for support. 21-681 - Workers' compensation. 21-1376 - Unemployment compensation. 33-124 - General assistance; aid to blind, aged, and disabled. Tools of Trade 12-2740 - Tools and books of trade up to $5,000. Alimony and Child Support 12-2740 - Alimony and child support needed for support. Insurance 8-3705 - Life insurance proceeds if policy prohibits use to pay creditors. 8-3706 - Life insurance proceeds if insured is not the beneficiary. 8-3708 - Group life or health benefits. 8-3709 - Annuity contract benefits up to $350 per month. 8-4086 - Health benefits up to $200 per month. 8-4478 - Fraternal benefit society benefits. 12-2740 - Unmatured life insurance contract (but not credit insurance policy); disability or illness benefits needed for support; life insurance proceeds for a person you depended upon. Other - Add any applicable Federal Nonbankruptcy Exemptions HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
|
