Kansas Bankruptcy Exemptions: Protecting Your Assets

In bankruptcy, non-exempt property refers to assets that a Chapter 7 trustee can sell to repay creditors. In a Chapter 13 case, the value of non-exempt property determines the minimum amount that must be paid to unsecured creditors through the repayment plan. Exemptions, on the other hand, allow you to safeguard certain assets from being affected by bankruptcy proceedings.

The exemptions detailed here highlight some of the most commonly used by individuals filing for bankruptcy. It’s important to note that the homestead exemption comes with specific residency requirements, which should be reviewed before filing. Similarly, eligibility for personal property exemptions depends on how long you’ve lived in your current state.

To better understand how these exemptions apply to your unique circumstances, schedule a free initial consultation with a trusted Kansas City Bankruptcy Attorney today.

Kansas Bankruptcy Exemptions (Assets You Can Protect)

ASSET EXEMPTION STATUTE
Homestead No monetary limit.  One acre inside city limits or 160 acres outside city limits. 60-2301
Household goods, clothing, food, and fuel to last 1 year No monetary limit. 60-2304
Jewelry $1,000 limit per debtor. 60-2304
Vehicle 1 vehicle per debtor.  $20,000 equity limit per vehicle used as main means of conveyance. No equity limit if equipped for disabled person. 60-2304
Burial plot No monetary limit. 60-2304
Tools of Trade $7,500 limit per debtor. 60-2304
Life Insurance No monetary limit if purchased over one year before filing. 60-2313; 40-414
Worker’s Compensation No monetary limit. 60-2313; 44-514
Retirement Benefits (ERISA qualified) No monetary limit. 60-2308
Public Employee Retirement No monetary limit. 74-4923
Public Assistance Benefits No monetary limit. 60-2313; 39-717
Unemployment Benefits No monetary limit. 60-2313
Crime Victim Compensation No monetary limit. 60-2313; 74-7313
Liquor License No limit. 60-2313; 41-326
Fraternal Benefits No monetary limit. 60-2313
Cemetery Merchandise Trust No monetary limit. 60-2313
Prepaid Funeral No monetary limit. 60-2313; 16-310
Social Security Benefit No monetary limit. 60-2312; U.S.C. 522(d)(10)
Veteran’s Benefit No monetary limit. 60-2312; U.S.C. 522(d)(10)
Disability Benefit No monetary limit. 60-2312; U.S.C. 522(d)(10)
Maintenance or child support To the extent reasonably necessary for the support of the debtor and any dependent of the debtor. 60-2312; U.S.C. 522(d)(10)

All legal references are to Kansas Statutes Annotated unless otherwise stated.  U.S.C. legal references are under Title 11.