Vermont bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Vermont bankruptcy district courts are located in two places – Montpelier and Rutland.
Properties Exemptions Under The Vermont Bankruptcy Laws
As per the Vermont bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Vermont bankruptcy district courts.
•Real property or mobile homes are considered under Homestead Exemptions of up to the amount of 75000 dollars.
•Vermont is one of those states that include Annuity contract benefits under the Insurance Exemptions. The amount exemptible in this regard is 350 dollars on a per month basis.
•The health benefits can also be exempted, but only up to two hundred dollars a month.
•Under personal properties exemptions, you are allowed to exempt books, clothing, and furnishings up to the amount of 2500 dollars in total value.
•The Vermont bankruptcy laws have declared all types of wedding ring, irrespective of its price as a completely exemptible personal property. However, jewelry is exempted only up to five hundred dollars.
•The upper limit for motor vehicles exemptions is 2500 dollars. Likewise, for bank deposit, the maximum exemptible amount is seven hundred dollars.
•Pension funds are also allowed for exemption, under the Vermont bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Teachers
◦State employees
◦Municipal employees
◦Individuals with self-directed accounts, such as IRAs and Keoghs are also exemptible as per the Vermont bankruptcy laws. The amount exemptible in this case, can be up to ten thousand dollars.
•Books and tools of trade are exemptible up to five thousand dollars.
•The Vermont bankruptcy laws allow you to exempt four hundred dollars of any property under the Wild Card exemptions.