KRS § 427.150 — KY Code / Title XXXIX / Chapter 427 / Section 427.150
427.150 Property totally or partially exempt
Status: in_force

427.150 Property totally or partially exempt.

(1) To the extent reasonably necessary for the support of an individual and his

dependents in addition to property totally exempt under subsection (2) of this

section, that individual shall be entitled to exemption of money or property received

and rights to receive money or property for alimony, support, or separate

maintenance.

(2) An individual shall be entitled to exemption of the following property:

(a) An award under a crime victim's reparation law;

(b) A payment on account of the wrongful death of an individual of whom the

debtor was a dependent, to the extent reasonably necessary for the support of

the debtor and any dependent of the debtor;

(c) A payment, not to exceed seven thousand five hundred dollars ($7,500), on

account of personal bodily injury, not including pain and suffering or

compensation for actual pecuniary loss, of the debtor or an individual of

whom the debtor is a dependent;

(d) A payment in compensation of loss of future earnings of the debtor or an

individual of whom the debtor is or was a dependent, to the extent reasonably

necessary for the support of the debtor and any dependent of the debtor;

(e) Assets held, payments made and amounts payable under pensions exempt

pursuant to KRS 61.690, 161.700, and 427.125; or

(f) The right or interest of a person in an individual retirement account or annuity,

deferred compensation account, tax sheltered annuity, simplified employee

pension, pension, profit-sharing, stock bonus, or other retirement plan

described in the Internal Revenue Code of 1986, or Section 408 or 408A of

the Internal Revenue Code, as amended which qualifies for the deferral of

income tax until the date benefits are distributed. This exemption shall also

apply to the operation of the Federal Bankruptcy Code, for the purpose of

applying the provisions of 11 U.S.C. sec. 522(b)(3) in a federal bankruptcy

proceeding and only to the extent otherwise allowed by applicable federal law.

This exemption shall not apply to any amounts contributed to an individual

retirement account or annuity, deferred compensation account, a pension,

profit-sharing, stock bonus, or other qualified retirement plan or annuity if the

contribution occurs within one hundred twenty (120) days:

1. Before the debtor files for bankruptcy if this exemption is being applied

in a federal bankruptcy proceeding; or

2. Before the earlier of the entry of the judgment or other ruling against the

debtor or the issuance of the levy, attachment, garnishment, or other

execution or order against which this exemption is being applied, if this

exemption is being applied in other than a federal bankruptcy

proceeding. This exemption shall not apply to the right or interest of a

person in an individual retirement account or annuity, deferred

compensation account, pension, profit-sharing, stock bonus, or other

retirement plan to the extent that that right or interest is subject to any of

the following:

a. An order of a court for payment of maintenance;

b. An order of a court for payment of child support.