| SB 1105 | Increases dollar amount of property exempt from bankruptcy proceedings |
| Sponsor: | Shields | |||
| LR Number: | 4068S.02C | Fiscal Note: | 4068-02 | |
| Committee: | Financial and Governmental Organization, Veterans' Affairs & Elections | |||
| Last Action: | 03/04/04 - Removed From S Consent Calendar | Journal page: | S536 | |
| Title: | SCS SB 1105 | |||
| Effective Date: | August 28, 2004 | |||
SCS/SB 1105 - This act modifies the dollar amount of certain properties that can be exempted from attachment in bankruptcy proceedings.
The act increases the exemption for certain household goods from $1,000 to $3,000. Wedding rings of up to $1,500 are exempt. The act further increases the value of "any other property of any kind" from $400 to $600. Implements of a trade are increased from $2,000 to $3,000. Motor vehicles in the aggregate are increased from $1,000 to $3,000. Mobile homes, when used as a principal residence, are increased from $1,000 to $5,000. A person's right to increase alimony is increased from $500 to $750 a month. The amount that a head of household may exempt from execution is increased from $850 plus $250 for each dependent to $1250 plus $350 for each dependent, including dependents who are determined to be disabled.
The provisions of this act are similar to a provision in the
TAT version of HB 959 (2004).
JIM ERTLE