Vermont Bankruptcy Laws

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

Homestead

Real property or mobile home to $75,000; may also claim rents, issues, profits & out-buildings
Spouse of deceased owner may claim homestead exemption
Property held as tenancy by the entirety may be exempt against debts owed by only one spouse

 27-101

27-105
In re McQueen, 21 B.R. 736

Insurance

Annuity contract benefits to $350 per month
Disability benefits that supplement life insurance or annuity contract
Disability or illness benefits needed for support
Fraternal benefit society benefits
Group life or health benefits
Health benefits to $200 per month
Life insurance proceeds if beneficiary is not the insured
Life insurance proceeds for person you depended on
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors
Uninsured life insurance contract other than credit

8-3709
8-3707
12-2740(19) (C)
8-4478
8-3708
8-4086
8-3706
12-2740(19) (H)
8-3705
12-2740(18)

Misc.

Alimony, child support needed for support
Property of business partnership

12-2740(19) (D)
11-1282

Pensions

Municipal employees
Self-directed accounts (IRAs, Keoghs) to $10,000
State employees
Teachers/Other pensions

24-5066
12-2740(16)
3-476
16-1946/12-2740(19) (J)

Personal Property

Appliances, furnishings, goods, clothing, books, crops, animals, musical instruments to $2500
1 cow, 2 goats, 10 sheep, 10 chickens; 3 swarms of bees+ honey; feed to last 1 winter; 10 cords firewood, 5 tons of coal or 500 gallons of oil; 500 gallons of bottled gas; growing crops to $5000; 2 harnesses, halters &chains, plow & ox yoke; yoke of oxen or steers & 2 horses
Jewelry to $500; wedding ring unlimited
Motor vehicles to $2500; bank deposits to $700
Personal injury recoveries for person you depended on
Stove, heating unit, refrigerator, freezer, water heater & sewing machines; lost future earnings for you or person you depended on; health aids
Wrongful death recoveries for person you depended on

12-2740(5)
12-2740(6)
12-2740(9)-(14)
12-2740(3), (4)
12-2740(1), (15)
12-2740(19) (F)
12-2740(8), 12-2740(17),
12-2740(19) (1)
12-2740(19) (G)

Public Benefits

Aid to blind, disabled, aged, general assistance
Crime victims’ compensation needed for support; Social security needed for support
Unemployment compensation; Veterans’ benefits needed for support
Workers’ compensation

33-124
12-2740(19)(E/A)
21-1367/12-2740(19)(B)21-681

Tools
of Trade

Books & tools of trade to $5000

12-2740(2)

Wages

Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors; wages, if received welfare during 2 months before filing

12-3170

Wild Card

$7000 less any amount of appliances, et al, growing crops, jewelry, motor vehicle & tools of trade, of any property; $400 of any property

12-2740(7)