Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve credit rating and reduce monthly payments by $200+ |
WAGE GARNISHMENT EXEMPTION: 75% of disposable income or 30 times the federal minimum hourly wage, whichever is greater MAXIMUM INTEREST RATE: Legal: 8% Judgment: 12% STATUTE OF LIMITATIONS ON ENFORCEMENT: Open Account (credit card): 5 years Written Contract: 15 years Oral Contract: 5 years Domestic Judgment: 15 years Foreign Judgment: 15 years BAD CHECK LAW DAMAGES: None BANKRUPTCY PROPERTY EXEMPTIONS (Kentucky Revised Statutes) Cannot use federal exemptions, but can use the federal non-bankruptcy exemptions The State of Kentucky exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Estate: Real or personal property used as residence (or proceeds from sale) up to $5,000 [427.060 and 427.090] Personal property: Clothing, jewelry or furnishings up to $3,000 [427.010(1)]; health aids, unlimited amount [427.010(1)]; motor vehicle up to $2,500 [427.010(1)]; personal injury recoveries up to $7,500, but does not include pain and suffering or pecuniary loss [427.150(2)(c)]; tools of a non-farmer up to $300 [427.30]; tools, equipment, livestock and poultry of farmer up to $3,000 [427.010(1)]; lost earnings payments, amount needed for support [427.150(2)(d)]; burial plot up to $5,000 in lieu of real estate exemption [427.060]; medical expenses benefits received under state motor vehicle reparation law, unlimited amount [304.39-260]; library, instruments, equipment and furnishings of minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist up to $1,000 [427.040]; motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, chiropractor, veterinarian or dentist up to $2,500 [427.030 and 427.040]; wrongful death recoveries [427.150(2)(b)] Insurance / Annuities: Group life insurance proceeds, unlimited amount [304.14-320]; health or disability benefits, unlimited amount [304.14-310]; fraternal society benefits, unlimited amount [427.110(2)]; annuity contract proceeds up to $350 per month [304.14-330]; life insurance policy if beneficiary is a married woman, unlimited amount [304.14-340]; life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [304.14-350]; life or casualty insurance benefits, unlimited amount [427.110(1)]; life insurance proceeds or cash value if beneficiary is someone other than insured, unlimited amount [304.14-300] Pensions / Retirement Plans: Firefighters and police officers, unlimited amount [67A.620, 95.878, 427.120, 427.125]; teachers, unlimited amount [161.700]; state employees, unlimited amount [61.690]; urban county government employees, unlimited amount [67A.350]; other pensions, unlimited amount [427.150(2)(e)] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [341.470]; workers compensation, unlimited amount [342.180]; crime victims compensation, unlimited amount [427.150(2)(a)]; aid to aged, blind, disabled and families with dependent children, unlimited amount [205.220] Wages: 75% of earned but unpaid wages [427.010(2) and (3)] Miscellaneous: Alimony or child support, amount needed for support [427.150(1)]; business partnership property, unlimited amount [362.270]; any real or personal property up to $1,000 [427.160] |
Debt > State Statutes > Kentucky |
Debt > State Statutes > Kentucky |
Debt and Bankruptcy Laws -- Kentucky |
WAGE GARNISHMENT EXEMPTION: 75% of disposable income or 30 times the federal minimum hourly wage, whichever is greater MAXIMUM INTEREST RATE: Legal: 8% Judgment: 12% STATUTE OF LIMITATIONS ON ENFORCEMENT: Open Account (credit card): 5 years Written Contract: 15 years Oral Contract: 5 years Domestic Judgment: 15 years Foreign Judgment: 15 years BAD CHECK LAW DAMAGES: None BANKRUPTCY PROPERTY EXEMPTIONS (Kentucky Revised Statutes) Cannot use federal exemptions, but can use the federal non-bankruptcy exemptions The State of Kentucky exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Estate: Real or personal property used as residence (or proceeds from sale) up to $5,000 [427.060 and 427.090] Personal property: Clothing, jewelry or furnishings up to $3,000 [427.010(1)]; health aids, unlimited amount [427.010(1)]; motor vehicle up to $2,500 [427.010(1)]; personal injury recoveries up to $7,500, but does not include pain and suffering or pecuniary loss [427.150(2)(c)]; tools of a non-farmer up to $300 [427.30]; tools, equipment, livestock and poultry of farmer up to $3,000 [427.010(1)]; lost earnings payments, amount needed for support [427.150(2)(d)]; burial plot up to $5,000 in lieu of real estate exemption [427.060]; medical expenses benefits received under state motor vehicle reparation law, unlimited amount [304.39-260]; library, instruments, equipment and furnishings of minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist up to $1,000 [427.040]; motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, chiropractor, veterinarian or dentist up to $2,500 [427.030 and 427.040]; wrongful death recoveries [427.150(2)(b)] Insurance / Annuities: Group life insurance proceeds, unlimited amount [304.14-320]; health or disability benefits, unlimited amount [304.14-310]; fraternal society benefits, unlimited amount [427.110(2)]; annuity contract proceeds up to $350 per month [304.14-330]; life insurance policy if beneficiary is a married woman, unlimited amount [304.14-340]; life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount [304.14-350]; life or casualty insurance benefits, unlimited amount [427.110(1)]; life insurance proceeds or cash value if beneficiary is someone other than insured, unlimited amount [304.14-300] Pensions / Retirement Plans: Firefighters and police officers, unlimited amount [67A.620, 95.878, 427.120, 427.125]; teachers, unlimited amount [161.700]; state employees, unlimited amount [61.690]; urban county government employees, unlimited amount [67A.350]; other pensions, unlimited amount [427.150(2)(e)] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [341.470]; workers compensation, unlimited amount [342.180]; crime victims compensation, unlimited amount [427.150(2)(a)]; aid to aged, blind, disabled and families with dependent children, unlimited amount [205.220] Wages: 75% of earned but unpaid wages [427.010(2) and (3)] Miscellaneous: Alimony or child support, amount needed for support [427.150(1)]; business partnership property, unlimited amount [362.270]; any real or personal property up to $1,000 [427.160] |
Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve credit rating and reduce monthly payments by $200+ |
