Homestead Exemption
- Real property used as residence not over $15,000.
- Spouse or child of deceased may claim homestead exemption; spouse given home in divorce may take homestead exemption.
Insurance Exemption
- Group life insurance policies or proceeds
- Accident, health or disability proceeds to $15,000 paid to wife, child or dependent
- Fraternal benefit society benefits
- Life insurance policy proceeds to $35,000 if policy issued within nine months of filing
ERISA-qualified benefits if the contributions were made more than a year before filing bankruptcy. Gratuitous payments made to employees or heirs whenever paid. Public benefits to the blind, disabled, or AFDC. Unemployment compensation, worker’s compensation and crime victims’ compensation.
Personal Property
- Firearms, bedding and furniture, clothing, family portraits, poultry, one cow, household pets, basic appliances, sewing machine, basic utensils
- Engagement and wedding rings up to $5,000
- Cemetery plots and gravestones
- One automobile and trailer if needed for work
- Tools of trade such as books, pick-up truck up to 3 tons, tools, and instruments.
