Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Vermont
Homestead: Real property or mobile home up to $75,000, along with rents, issues and profits. Property held as tenancy by the entirety exempt against debt of only one spouse.
Pensions and Retirement Benefits: Municipal employees, state employees and teachers. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, limited to contributions that were made more than one year before court action; limited to $5,000 if court action is for child support. Roth IRAs and regular IRAs up to $1,245,000 per person.
Insurance: Annuity benefits to $350 per month. Life insurance proceeds if proceeds cannot be used to pay beneficiary's creditors. Unmatured life insurance contracts exempt, other than credit life. Group life or health benefits. Life insurance proceeds if beneficiary is not the insured. Fraternal society benefits.
Personal Property: Furnishings, clothing, books, crops, animals and musical instruments up to $2,500 total. Limited number of livestock, poultry, equipment and feed. Jewelry up to $500. Wedding ring. Motor vehicles up to $2,500. Bank deposits up to $700. Stove. Refrigerator. Water heater. Sewing machines. Wrongful death recoveries for person who supported you. Personal injury recoveries.
Tools of Trade: Professional or trade books or tools up to $5,000.
Miscellaneous: Business partnership property. Alimony. Child support needed for support.
Wages: Greater of 75% of earned but unpaid wages or 30 times federal minimum hourly wage.
Public Benefits: Unemployment compensation. Workers' compensation. Social Security. Veteran's benefits. Aid to blind, aged and disabled. AFDC. General assistance. Crime victim's compensation.
Wild Card: $7,000 less any amount of appliances, growing crops, jewelry, motor vehicle and tools of trade of any property, and $400 of any property.