Hawaii, HI Bankruptcy Exemptions

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The Essential Hawaii Bankruptcy Information Guide

Hawaii, HI Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE AVAILABLE.
All law references are to Hawaii Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Hawaii Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Head of family or over 65 to $30,000 ; all others to $20,000 ; property cannot exceed 1 acre. sale proceeds exempt for 6 months after sale.	36-651-91, 36-351-92, 36-351-96
HOMESTEAD	Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	Security Pacific Bank v. Chang, 818 F.Supp. 1343 (D. Ha. 1993)
INSURANCE	Annuity contract or endowment policy proceeds if beneficiary is insured’s spouse, child or parent	24-431:10-232(b)
	Fraternal benefit society benefits	24-432:2-403
	Group life insurance policy or proceeds	24-431:10-233
	Life or health insurance policy for spouse or child	24-431:10-234
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	24-431:10-D:112
	Accident, sickness or health benefits.	24-431:10-231
MISCELLANEOUS	Property of business partnership	23-425-125
PENSIONS	Roth IRAs, IRAs, and ERISA-qualified benefits, if deposited more than 3 years before filing.	36-651-124
	Firefighters	7-88-169
	Police officers	7-88-169
	Public officers and employees	7-88-91, 36-653-3
	Tax exempt retirement accounts. Traditional IRAs and Roth IRAs up to $1,095,000 per person	11 U.S.C. § 522
PERSONAL PROPERTY	Appliances and furnishings needed	36-651-121(1)
	Books	36-651-121(1)
	Burial plot to 250 square feet plus tombstones, monuments and fencing on site	36-651-121(4)
	Clothing	36-651-121(1)
	Jewelry and articles of adornment to $1,000	36-651-121(1)
	Motor vehicle to wholesale value of $2,575	36-651-121(2)
	Proceeds for sold or damaged exempt property; proceeds exempt only 6 months	36-651-121(5)
PUBLIC BENEFITS	Public assistance paid by Dept. of Health Services for work done in home or workshop	20-346-33
	Unemployment compensation	21-383-163
	Unemployment work relief funds to $60 per month	36-653-4
	Workers’ compensation	21-386-57
	Crime victims' compensation; special accounts that were created to limit the commercial exploitation of crimes	21-351-66
	Temporary disability benefits	21-392-29
TOOLS OF TRADE	Tools, implements, books, instruments, uniforms, furnishings, fishing boat, nets, motor vehicle and other personal property needed for livelihood	36-651-121(3)
WAGES	Unpaid wages due for services of past 31 days	36-651-121
WAGES	Prisoner’s wages held by Dept. of Public Safety excluding child support, restitution and other claims	20-353-22.5
WILD CARD	NONE

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