Kentucky Bankruptcy Exemption Status
Property owned must be disclosed to the court. Claiming Kentucky bankruptcy exemptions is but one disclosure requirement in liquidation cases. Additionally, debtors must answer an extensive list of questions related to homesteads, real estate, and personal property. Financial accounts are considered as personal property as well as many other ephemeral legal rights, causes of action, contingent claims, and unliquidated liability. The Statement of Financial Affairs includes questions about acquisition and disposition of assets, as well the duties of ownership and full disclosure.
Claiming homesteads and personal property
In liquidation cases, debtors must use official claim form H to list property, and identify the Section of the appropriate state law relied upon to claim the exemption. Any property omitted from the list will not be allowed as exempt. In practice, small and inconsequential items are of little interest to trustees. The omission of small items is harmless error, and unless the trustee requires forfeiture, all omitted property may also be retained.
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