Will a Kansas Bankruptcy Trustee Take My Work Tools?
By Jill Michaux, Kansas Bankruptcy Attorney on Sep 24, 2007 in Bankruptcy Practice and Procedure, Discharge, What Can and Cannot Be Forgiven, General Bankruptcy Information, Kansas, Protecting Assets In Bankruptcy, Surrendering Property
You may keep up to $7,500 worth of work tools if you file bankruptcy and use the Kansas exemption scheme.
Kansas residents are allowed to exempt the following items of personal property under the “tools of trade” exemption: books, documents, furniture, instruments, tools, implements and equipment, the breeding stock, seed grain or growing plants stock, or the other tangible means of production regularly and reasonably necessary in carrying on the person’s profession, trade, business or occupation.
The $7,500.00 limit is based upon liquidation value, which is the amount a bankruptcy trustee could sell the property for. Usually a trustee sells property at a public auction and receives a small fraction of the retail price.
The idea of the Kansas “tools of trade” exemption is to leave a debtor his tools to produce income and support himself and his family.
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