Vermont Bankruptcy Exemptions
Homestead
27-101 - $75,000. May include outbuildings, rents, issues, and profits.
Spouse of deceased owner may claim (27 V.S.A. § 105). Tenancies by the
entirety are exempt without limit as to debts of one spouse [In m McQueen,
21 B.R. 736 (D. Ver. 1982)].
Personal Property
12-2740 - Motor vehicles up to $2,500; clothing, goods, furnishings,
appliances, books, musical instruments, animals and crops up to $2,500
total; refrigerator, stove, freezer, water heater, heating unit and sewing
machines; health aids; bank deposits up to $700; wedding ring; jewelry up to
$500; 500 gallons of oil, 5 tons of coal or 10 cords of firewood; 500
gallons of bottled gas; lost future earnings for yourself or a person you
depended upon; personal injury and wrongful death recoveries for a person
you depended upon; 1 cow, 10 sheep, 10 chickens, 3 swarms of bees, and feed
to last 1 winter; 1 yoke of oxen or steers, 2 horses, 2 harnesses, 2
halters, 2 chains, 1 plow and 1 ox yoke; growing crops up to $5,000.
12-2740 - $400 of any property; plus $7,000, less any amount claimed for
clothing, goods, furnishings, appliances, books, musical instruments,
animals, crops, motor vehicle, jewelry, tools of trade and growing crops, of
any property.
Wages
12-3170 - The greater of the following: 30 times the federal minimum hourly
wage or minimum of 75% of disposable weekly earnings. Judge may approve more
for low income debtors; all wages if you received welfare during the 2
months prior to filing for bankruptcy.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
3-476 - State employees.
12-2740 - Self-directed accounts including IRAs and Keoghs as long as
contributions were made more than 1 year before filing; other pensions.
16-1946 - Teachers.
24-5066 - Municipal employees.
Public Benefits
12-2740 - Veterans' benefits, Social Security, and crime victims'
compensation needed for support.
21-681 - Workers' compensation.
21-1376 - Unemployment compensation.
33-124 - General assistance; aid to blind, aged, and disabled.
Tools of Trade
12-2740 - Tools and books of trade up to $5,000.
Alimony and Child Support
12-2740 - Alimony and child support needed for support.
Insurance
8-3705 - Life insurance proceeds if policy prohibits use to pay creditors.
8-3706 - Life insurance proceeds if insured is not the beneficiary.
8-3708 - Group life or health benefits.
8-3709 - Annuity contract benefits up to $350 per month.
8-4086 - Health benefits up to $200 per month.
8-4478 - Fraternal benefit society benefits.
12-2740 - Unmatured life insurance contract (but not credit insurance
policy); disability or illness benefits needed for support; life insurance
proceeds for a person you depended upon.