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Hawaii Homestead Exemption
Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.
Federal Law Residency Requirement
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (three years and four months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
IF you are moving to another state, OR you moved to Hawaii within in the last two years, click here.
Hawaii Exemptions
- HI Exemptions
- 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 (husband & wife may not double)
Haw. Rev. Stat. § 651-91
Haw. Rev. Stat. § 651-92
Haw. Rev. Stat. § 651-96
Haw. Rev. Stat. § 651-93
Federal Exemptions
- Indian lands or homestead sales or lease proceeds
25 U.S.C. § 410 - Real property, including co-op or mobile home, or burial plot to $25,150; unused portion of homestead to $12,575 may be applied to any property
11 U.S.C. § 522 (d)(1), (d)(5)
Home Valuation tool
Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)
^ Top - Hawaii Bankruptcy Exemptions
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Tenancy by Entirety Exemption
Tenancy by the Entirety (TBE) is a form of property ownership, based on traditional English common law, that is still recognized in about 1/2 of states and the most common form of martial property ownership in many of them.
It protects property that is jointly owned by a married couple as an "entirety" -- which is to say, as a single marital entity, not as individuals.
Tenancy by the Entirety (TBE) was originally conceived as a debt shield -- a way of protecting wives and children from being left homeless and penniless as a result of the debts of a husband. Under the English common law TBE doctrine, a husband could not sell property owned by "the entirety", or give it away, or pledge it as security for a loan without the consent of his wife.
Today, 25 states still recognize some form of tenancy by the entirety, but they differ on the extent to which the property is exempt.
Special notes about Hawaii Tenancy by the Entirety Exemptions: Tenancy by the entirety is recognized in Hawaii and to the extent such interests are considered to be exempt under state law, pursuant to Code § 522(b)(2)(B), the interests are exempt under the Bankruptcy Code.
As of 2012, TBE protection is now available to same sex couples registered as "reciprocal beneficiaries" and can be transferred into a trust under § 509-2.
Hawaii Exemptions
- Property held as tenancy by the entirety (TBE) may be exempt against debts owed by only one spouse.
As of 2012, TBE protection is now available to same sex couples registered as "reciprocal beneficiaries" and can be transferred into a trust under § 509-2.
Security Pacific Bank v. Chang, 818 F.Supp. 1343 (D. Haw. 1993)
Haw. Rev. Stat. § 509-2
Traders Travel Intern., Inc. v. Howser, 753 P.2d 244 (Hawaii 1988)
Federal Exemptions
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Insurance exemptions
Virtually all states protect life insurance proceeds in some manner or another. Some restrict it to proceeds paid to a dependent. Many states also protect the cash-value or loan-value of insurance policies.
If a substantial amount of your assets are in life insurance, you may want to consult a professional to determine the extent to which those policies are exempt.
Hawaii Exemptions
- Accident, health, or sickness benefits
Haw. Rev. Stat. § 431:10-231
- Annuity contract or endowment policy proceeds if beneficiary is insured's spouse, child, or parent
Haw. Rev. Stat. § 431:10-232 (b)
- Fraternal benefit society benefits
Haw. Rev. Stat. § 432:2-403
- Group life insurance policy or proceeds
Haw. Rev. Stat. § 431:10-233
- Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors
Haw. Rev. Stat. § 431:10D-112
- Life or health insurance policy for spouse or child
Haw. Rev. Stat. § 431:10-234
Federal Exemptions
- Disability, illness, or unemployment benefits
11 U.S.C. § 522 (d)(10)(C)
- Federal government employee death & disability benefits
5 U.S.C. § 8130
- Federal judges, U.S. court & judicial center directors, administrative assistants to U.S. Supreme Court Chief Justice
28 U.S.C. § 376
- Federal war risk, hazard, death, or injury compensation, death & disability benefits
42 U.S.C. § 916
- Life insurance payments from policy for person you depended on, needed for support
11 U.S.C. § 522 (d)(11)(C)
- Life insurance policy loan value, in accured dividends or interest, to $13,400
11 U.S.C. § 522 (d)(8)
- Lighthouse workers survivors' benefits
33 U.S.C. § 775
- Longshoremen & harbor workers death & disability benefits
33 U.S.C. § 916
- Military group life insurance
38 U.S.C. § 1970 (g)
- U.S. Military service survivors' benefits
10 U.S.C. § 1450
- Unamtured life insurance contract, except credit insurance policy
11 U.S.C. § 522 (d)(7)
^ Top - Hawaii Bankruptcy Exemptions
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Miscellaneous other exemptions for Hawaii
Hawaii Exemptions
- Property of business partnership
Haw. Rev. Stat. § 425-126
Federal Exemptions
- Alimony, child support needed for support
11 U.S.C. § 522 (d)(10)(D)
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Pensions & Retirement Savings Exemptions
The new federal bankruptcy law now automatically exempts a virtually all tax-exempt pensions and retirement savings accounts from bankruptcy, even if you are using state law all_law_table_items. 11 U.S.C. § 522(b)(3)(C). (See Help Topic: Special Rules For Retirement Accounts.)
The law protects up to $1,283,025 of any pension or retirement fund that qualifies forspecial tax treatment under Internal Revenue Code sections 401,402, 403, 408, 408A, 414, 457, or 501(a).
Federal Exemptions
- All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,362,800 (excluding rollover contributions); limitation can be overidden by judge.
11 U.S.C. § 522 (d)(12)
11 U.S.C. § 522 (n)
- Federal civil service employees
5 U.S.C. § 8346
- Foreign Service Employees
22 U.S.C. § 4060
- Military Medal of Honor roll pensions
38 U.S.C. § 1562 (c)
- Military service employees
10 U.S.C. § 1440
- Railroad workers
45 U.S.C. § 231m
- Social Security
42 U.S.C. § 407
- U.S. veterans' benefits
38 U.S.C. § 3501
Hawaii Exemptions
- Firefighters
Haw. Rev. Stat. § 88-169
- IRAs, Roth IRAs, ERISA-qualified benefits deposited over 3 years before filing bankruptcy
401(a), 401(k), 403(a), 403(b), 408, 408A, 409 (as in effect prior to January 1, 1984), 414(d), or 414(e) of the Internal Revenue Code
Haw. Rev. Stat. § 651-124
- Police officers
Haw. Rev. Stat. § 88-169
- Public officers & employees
Haw. Rev. Stat. § 88-91
Haw. Rev. Stat. § 653-3
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Personal Property Exemptions
This category covers your car, your non-retirement bank accounts, and most of your other personal possessions, other than your house.
States vary widely on how generous they are in this area. Some exemptions may be for any combination of property up to an aggregate amount. Other exemptions apply only to specific items, such as jewelry.
Remember that an exemption will not protect your car from being repossessed by the holder of the car loan you used to purchase the vehicle if you pledged the vehicle as security for the loan. To keep the car, you will have to pursue other options such as 'redemption' or 'reaffirmation.' See the help topics and How to File for Chapter 7 Bankruptcy for more on this.
Hawaii Exemptions
- Appliances & furnishings
Haw. Rev. Stat. § 651-121 (1)
- Books
Haw. Rev. Stat. § 651-121 (1)
- Burial plot to 250 sq. ft. plus tombstones, monuments, & fencing
Haw. Rev. Stat. § 651-121 (4)
- Clothing
Haw. Rev. Stat. § 651-121 (1)
- Jewelry, watches, & articles of adornment to $1,000
Haw. Rev. Stat. § 651-121 (1)
- Motor vehicle to wholesale value of $2,575
Haw. Rev. Stat. § 651-121 (2)
- Proceeds for sold or damaged exempt property; sale proceeds exempt for 6 months after sale
Haw. Rev. Stat. § 651-121 (5)
Federal Exemptions
- Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $625 per item, $13,400 total
11 U.S.C. § 522 (d)(3)
- Health aids
11 U.S.C. § 522 (d)(9)
- Jewelry to $1,700
11 U.S.C. § 522 (d)(4)
- Lost earnings payments
11 U.S.C. § 522 (d)(11)(E)
- Military deposits in savings accounts while on permanent duty outside the U.S.
10 U.S.C. § 1035
- Motor vehicle to $4,000
11 U.S.C. § 522 (d)(2)
- Personal injury recoveries to $25,150 (not to include pain & suffering or pecuniary loss)
11 U.S.C. § 522 (d)(11)(D)
- Wrongful death recoveries for person you depended on
11 U.S.C. § 522 (d)(11)(B)
Auto Valuation Tools:
Both of these websites offer interactive tools to determine the current value of your used car.
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Public Benefits Exemptions
Most states exempt public benefits, consistent with the notion that such benefits are intended as a safety net for the recipient.
Hawaii Exemptions
- Crime victims' compensation and special accounts created to limit commercial exploitation of crimes
Haw. Rev. Stat. § 351-66
Haw. Rev. Stat. § 351-86
- Public assistance paid by Dept. of Health Services for work done in home or workshop
Haw. Rev. Stat. § 346-33
Haw. Rev. Stat. § 346-1
- Temporary disability benefits
Haw. Rev. Stat. § 392-29
Haw. Rev. Stat. § 392-3
- Unemployment compensation
Haw. Rev. Stat. § 383-163 (No assignment of benefits; waiver)
Haw. Rev. Stat. § 383-163.7 (Deduction and withholding of uncollected food stamp overissuances)
Haw. Rev. Stat. § 383-163.5 (Child support intercept of unemployment benefits)
Haw. Rev. Stat. § 383-163.6 (Voluntary deduction and withholding of federal and state income taxes)
Haw. Rev. Stat. § 383-1
- Unemployment work relief funds to $60 per month
Haw. Rev. Stat. § 653-4
Haw. Rev. Stat. § 383-1
- Workers' compensation
Haw. Rev. Stat. § 386-57
Haw. Rev. Stat. § 383-1
Federal Exemptions
- Crime victims' compensation
11 U.S.C. § 522 (d)(11)(A)
- Local public assistance
11 U.S.C. § 522 (d)(10)(A)
In re Goertz, 202 B.R. 614 (Bankr.S.D.Mo. 1996)
- Social Security
11 U.S.C. § 522 (d)(10)(A)
- Unemployment compensation
11 U.S.C. § 522 (d)(10)(A)
- Veteran's benefits
11 U.S.C. § 522 (d)(10)(A)
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Tools of Trade Exemptions
These are the things you use to make a living. An automobile or truck can be a tool of trade if you use it as such. Commuting to work doesn't count, but if driving is a necessary component of transacting your business, you can claim your vehicle is a tool of trade.
Hawaii Exemptions
- Tools, implements, books, instruments, uniforms, furnishings, fishing boat, nets, motor vehicle, & other property needed for livelihood
Haw. Rev. Stat. § 651-121 (3)
Federal Exemptions
- Implements, books, & tools of trade to $2,525
11 U.S.C. § 522 (d)(6)
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Wage Garnishment Laws
Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done -- so called "earned but unpaid wages".
In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.
Hawaii Exemptions
- Prisoner's wages held by Dept. of Public Safety (except for restitution, child support, and other claims)
Haw. Rev. Stat. § 353-22.5 (exceptions for collections of certain kinds of debts)
Haw. Rev. Stat. § 353-1 (definition of committed person)
Haw. Rev. Stat. § 353-22 (earnings exempt)
- Unpaid wages due for services of past 31 days
Haw. Rev. Stat. § 651-121 (6)
Federal Exemptions
- Minimum 75% of disposable weekly earnings or 30 times the federal hourly wage, whichever is more; bankruptcy judge may authorize more for low-income debtors. NOTE: Declared not a bankruptcy exemption by numerous Federal courts
15 U.S.C. § 1673
- None
11 U.S.C. § 522 (d)
^ Top - Hawaii Bankruptcy Exemptions
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Hawaii Wild Card Exemption
Most, but not all, states allow a so-called "wild-card" exemption that can apply to any property. The wild card exemption can be of particular help if one or more of your other exemptions falls short of protecting your equity. You may split your wild card exemption amount over multiple items and stack it atop other exemptions as needed to protect exposed equity.
Hawaii Exemptions
Federal Exemptions
- $1,325 of any property
11 U.S.C. § 522 (d)(5)
- Up to $12,575 of unused homestead exemption amount, for any property.
11 U.S.C. § 522 (d)(5)
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