Running Your Business

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Kansas Asset Protection Laws

Filed under Running A Business.

These assets are exempted from a state court or bankruptcy proceeding in Kansas.

Homestead: Real property with unlimited value up to 160 acres rural or 1 acre urban.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for officials in cities with populations between 120,000 and 200,000, police officers, firefighters, government employees and state school employees. Federal government pension payments needed for support and paid within three months of filing a bankruptcy action. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.

Insurance: Life insurance, if a clause in the policy prohibits payment to creditors. Forfeiture value of life insurance exempt if policy purchased more than one year before bankruptcy action. Fraternal society benefits.

Personal Property: Burial place. Funeral plan prepayments. Clothing. Food and fuel. Furnishings and household equipment. Jewelry to $1,000. Motor vehicle to $20,000 (no limit for vehicle equipped for handicapped persons).

Tools of Trade: Tools and implements up to $7,500.

Miscellaneous: Liquor licenses. Business partnership property.

Wages: Greater of 75% of weekly disposable earnings or excess of disposable earnings over 30 times federal minimum wage. For child support obligations, 50% of disposable earnings exempt if debtor is supporting another spouse or dependent; 40% if not. For delinquent support more than 12 weeks in arrears, only 45% or 35%, respectively is exempt.

Public Benefits: Unemployment compensation. Workers' compensation. AFDC. Crime victim's compensation. Social welfare. General assistance.

Wild Card: None.

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