Vermont, VT Bankruptcy Exemptions

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Vermont, VT Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Vermont, VT Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Vermont, VT Bankruptcy Exemptions

All law references are to Vermont Bankrutcy Code.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

Homestead

Real property or mobile home to $75,000; may also claim rents, issues, profits & out-buildings

Spouse of deceased owner may claim homestead exemption

Property held as tenancy by the entirety may be exempt against debts owed by only one spouse

27-101

27-105

In re McQueen, 21 B.R. 736

(D. Ver. 1982)

Insurance

Annuity contract benefits to $350 per month

Disability benefits that supplement life insurance or annuity contract

Disability or illness benefits needed for support

Fraternal benefit society benefits

Group life or health benefits

Health benefits to $200 per month

Life insurance proceeds if beneficiary is not the insured

Life insurance proceeds for person you depended on

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors

Uninsured life insurance contract other than credit

8-3709

8-3707

12-2740(19) (C)

8-4478

8-3708

8-4086

8-3706

12-2740(19) (H)

8-3705

12-2740(18)

Miscellaneous

Alimony, child support needed for support

Property of business partnership

12-2740(19) (D)

11-1282

Pensions

Municipal employees

Self-directed accounts (IRAs, Keoghs) to $10,000

State employees

Teachers

Other pensions

24-5066

12-2740(16)

3-476

16-1946

12-2740(19) (J)

Personal Property

Appliances, furnishings, goods, clothing, books, crops, animals, musical instruments to $2500 total

Cow, 2 goats, 10 sheep, 10 chickens; 3 swarms of bees & their honey; feed to last 1 winter; 10 cords of firewood, 5 tons of coal or 500 gallons of oil; 500 gallons of bottled gas; growing crops to $5000; 2 harnesses, 2 halters, 2 chains, plow & ox yoke; yoke of oxen or steers & 2 horses

Jewelry to $500; wedding ring unlimited

Motor vehicles to $2500; bank deposits to $700

Personal injury recoveries for person you depended on

Stove, heating unit, refrigerator, freezer, water heater & sewing machines; lost future earnings for you or person you depended on; health aids

Wrongful death recoveries for person you depended on

12-2740(5)

12-2740(6)

12-2740(9)-(14)

12-2740(3), (4)

12-2740(1), (15)

12-2740(19) (F)

12-2740(8), 12-2740(17),

12-2740(19) (1)

12-2740(19) (G)

Public Benefits

Aid to blind, disabled, aged, general assistance

Crime victims’ compensation needed for support

Social security needed for support

Unemployment compensation

Veterans’ benefits needed for support

Workers’ compensation

33-124

12-2740(19) (E)

12-2740(19) (A)

21-1367

12-2740(19) (B)

21-681

Tools of Trade

Books & tools of trade to $5000

12-2740(2)

Wages

Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors

Wages, if received welfare during 2 months before filing

12-3170

Wild Card

$7000 less any amount of appliances, et al, growing crops, jewelry, motor vehicle & tools of trade, of any property

$400 of any property

12-2740(7)

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