PROPERTY Homestead and Exemptions: Change the Provisions Relating to Exemptions for Purposes of Bankruptcy and Intestate Insolvent Estates; Change the Amounts of Certain Exemptions; Provide for Calculation of the Amounts of Certain Exemptions and the Standards, Practices, and Procedures Connected Therewith; Provide for the Duties of the Administrator of the Governor's Office of Consumer Affairs

This Act raises the amount of exemptible value that bankrupt debtors will be able to insulate from unsecured creditor claims. The Act raises these amounts in multiple specific categories. The Act raises the exemptible amount of a debtor's interest in their primary residence from $5000 to $10,000. The Act also provides that in situations where the title to the property used for this homestead exemption is held in the name of only one of two spouses, the exemption amount shall be $20,000, thereby guaranteeing that each spouse will be able to use their $10,000 homestead exemption.

The Act raises the exemptible value in a motor vehicle from $1000 to $3500. The Act raises the maximum exemptible value of any one particular household item from $200 to $300. The Act raises the aggregate amount of exemptible value in household goods from $3500 to $5000. The Act raises the residual exemption amount from $400 to $600, plus any amount of the homestead exemption that went unused up to $5000.

The Act raises the amount of exemptible value in tools of the trade and professional books from $500 to $1500. The Act adds a provision which limits the exemptible cash value of an unmatured life insurance policy to $2000. The Act raises the exemptible value in awards for a debtor's pecuniary loss from $7500 to $10,000.