The Kansas bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Kansas. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Kansas you may also use certain federal exemptions in addition to your Kansas exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
HOMESTEAD | Real property or mobile home you occupy or intend to occupy to unlimited value; property cannot exceed 1 acre in town or city, 160 acres on farm | 60-2301 Constitution 15-9 |
INSURANCE | Fraternal life insurance benefits | 40-414(a) |
Life insurance forfeiture value if file for bankruptcy over 1 year after policy issued | 40-414(b) | |
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors | 40-414(a) | |
MISC. | Liquor licenses | 41-326 |
Property of business partnership | 56-325 | |
PENSIONS | Elected and appointed officials in cities with population between 120,000 and 200,000 | 13-14, 102 |
ERISA-qualified benefits | 60-2038(b) | |
Federal government pension needed for support and paid within 3 months of filing bankruptcy (only payments being received) | 60-20338(a) | |
Firefighters | 12-5005(e), 14-10a10 | |
Judges | 20-2618 | |
Police officers | 12-5005(e), 13-14a10 | |
Public employees | 74-4923, 74-49, 105 | |
State highway patrol officers | 74-4978g | |
State school employees | 72-5526 | |
PERSONAL PROPERTY | Burial plot or crypt | 60-2304(d) |
Clothing to last 1 year | 60-2304(a) | |
Food and fuel to last 1 year | 60-2304(a) | |
Funeral plan prepayments | 16-310(d) | |
Furnishings and household equipment | 60-2304(a) | |
Jewelry and articles of adornment to $1,000 | 60-2304(b) | |
Motor vehicle to $20,000; if designed or equipped for disabled persons, no limit | 60-2304(c) | |
PUBLIC BENEFITS | AFDC, general assistance, social welfare | 39-717 |
Crime victims' compensation | 74-7313(d) | |
Unemployment compensation | 44-718(c) | |
Workers' compensation | 44-514 | |
TOOLS OF TRADE | Books, documents, furniture, instruments, equipment, breeding stock, seed, grain and stock to $7,500 total | 60-2304(e) |
National Guard uniforms, arms and equipment | 48-245 | |
WAGES | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors | 60-2310 |
WILD CARD | NONE |
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For more information on filing bankruptcy in Kansas explore Kansas Bankruptcy Law.
