Solely for the purpose of applying the provisions of 11 U.S.C. sec. 522(b)(3)(A) in a federal bankruptcy proceeding, in addition to other exemptions provided in this chapter and only to the extent otherwise allowed by applicable federal law, every debtor shall have a general exemption not to exceed one thousand dollars ($1,000) in value to be applied toward any property, real or personal, tangible or intangible in his estate when he or she has filed for bankruptcy under the provisions of The Bankruptcy Code of 1978, 92
Stat. 2549 (1978), Public Law 95-598, as amended.

Terms Used In Kentucky Statutes 427.160

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 155, sec. 6, effective July 15, 2010. — Created
1980 Ky. Acts ch. 236, sec. 9, effective April 9, 1980.