- Introduced -

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.

Beginning on April 1, 2006, and every three years thereafter, the dollar amount for exempt properties shall be adjusted based on the Consumer Price Index. The Director of Revenue shall publish the dollar amounts that will become effective on such April 1st no later than the previous March 1st.

JIM ERTLE