427.150 Property totally or partially exempt.
495 words·~2 min read·
/ky/chapter-427/427-150A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)To the extent reasonably necessary for the support of an individual and his
dependents in addition to property totally exempt under subsection
(2)of this
section, that individual shall be entitled to exemption of money or property received
and rights to receive money or property for alimony, support, or separate
maintenance.
(2)An individual shall be entitled to exemption of the following property:
(a)An award under a crime victim's reparation law;
(b)A payment on account of the wrongful death of an individual of whom the
debtor was a dependent, to the extent reasonably necessary for the support of
the debtor and any dependent of the debtor;
(c)A payment, not to exceed seven thousand five hundred dollars ($7,500), on
account of personal bodily injury, not including pain and suffering or
compensation for actual pecuniary loss, of the debtor or an individual of
whom the debtor is a dependent;
(d)A payment in compensation of loss of future earnings of the debtor or an
individual of whom the debtor is or was a dependent, to the extent reasonably
necessary for the support of the debtor and any dependent of the debtor;
(e)Assets held, payments made and amounts payable under pensions exempt
pursuant to KRS 61.690, 161.700, and 427.125; or
(f)The right or interest of a person in an individual retirement account or annuity,
deferred compensation account, tax sheltered annuity, simplified employee
pension, pension, profit-sharing, stock bonus, or other retirement plan
described in the Internal Revenue Code of 1986, or Section 408 or 408A of
the Internal Revenue Code, as amended which qualifies for the deferral of
income tax until the date benefits are distributed. This exemption shall also
apply to the operation of the Federal Bankruptcy Code, for the purpose of
applying the provisions of 11 U.S.C. sec. 522(b)(3) in a federal bankruptcy
proceeding and only to the extent otherwise allowed by applicable federal law.
This exemption shall not apply to any amounts contributed to an individual
retirement account or annuity, deferred compensation account, a pension,
profit-sharing, stock bonus, or other qualified retirement plan or annuity if the
contribution occurs within one hundred twenty
(120)days:
1. Before the debtor files for bankruptcy if this exemption is being applied
in a federal bankruptcy proceeding; or
2. Before the earlier of the entry of the judgment or other ruling against the
debtor or the issuance of the levy, attachment, garnishment, or other
execution or order against which this exemption is being applied, if this
exemption is being applied in other than a federal bankruptcy
proceeding. This exemption shall not apply to the right or interest of a
person in an individual retirement account or annuity, deferred
compensation account, pension, profit-sharing, stock bonus, or other
retirement plan to the extent that that right or interest is subject to any of
the following:
a. An order of a court for payment of maintenance;
b. An order of a court for payment of child support.