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Kansas Bankruptcy Exemptions: Protecting Your Property

Secure Your Assets with Kansas Bankruptcy Exemptions

Understanding Kansas Bankruptcy Exemptions

When filing for bankruptcy, it’s crucial to know which of your assets are protected. Kansas bankruptcy exemptions allow you to keep certain property safe from creditors, ensuring you can maintain essential assets during the process.

Non-Exempt vs. Exempt Property

  • Non-Exempt Property: In a Chapter 7 case, this is property that the trustee can sell to benefit creditors. In Chapter 13, it sets the minimum payment to unsecured creditors.
  • Exempt Property: Assets you can keep, protected by Kansas law.

Common Kansas Bankruptcy Exemptions

Here’s a list of some of the most common exemptions available to Kansas residents:

  • Homestead: No monetary limit. Covers one acre inside city limits or 160 acres outside city limits. [Statute: 60-2301]
  • Household Goods, Clothing, Food, and Fuel: No monetary limit. [Statute: 60-2304]
  • Jewelry: $1,000 limit per debtor. [Statute: 60-2304]
  • Vehicle: One vehicle per debtor with a $20,000 equity limit. No limit if equipped for a disabled person. [Statute: 60-2304]
  • Burial Plot: No monetary limit. [Statute: 60-2304]
  • Tools of Trade: $7,500 limit per debtor. [Statute: 60-2304]
  • Life Insurance: No limit if purchased over one year before filing. [Statutes: 60-2313; 40-414]
  • Worker’s Compensation: No monetary limit. [Statutes: 60-2313; 44-514]
  • Retirement Benefits (ERISA Qualified): No monetary limit. [Statute: 60-2308]
  • Public Employee Retirement: No monetary limit. [Statute: 74-4923]
  • Public Assistance Benefits: No monetary limit. [Statutes: 60-2313; 39-717]
  • Unemployment Benefits: No monetary limit. [Statute: 60-2313]
  • Crime Victim Compensation: No monetary limit. [Statutes: 60-2313; 74-7313]
  • Liquor License: No limit. [Statutes: 60-2313; 41-326]
  • Fraternal Benefits: No monetary limit. [Statute: 60-2313]
  • Cemetery Merchandise Trust: No monetary limit. [Statute: 60-2313]
  • Prepaid Funeral: No monetary limit. [Statutes: 60-2313; 16-310]
  • Social Security Benefit: No monetary limit. [Statutes: 60-2312; U.S.C. 522(d)(10)]
  • Veteran’s Benefit: No monetary limit. [Statutes: 60-2312; U.S.C. 522(d)(10)]
  • Disability Benefit: No monetary limit. [Statutes: 60-2312; U.S.C. 522(d)(10)]
  • Maintenance or Child Support: Protected to the extent necessary for support. [Statutes: 60-2312; U.S.C. 522(d)(10)]

Legal References

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

Consult with Our Kansas City Bankruptcy Attorneys

Understanding how these exemptions apply to your situation is essential. Arrange a free initial consultation with our Kansas City bankruptcy attorneys to explore your options and protect your assets effectively.

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