Bill No.: SF0024                  Drafter:  LNS

 

LSO No.:  12LSO-0100              Effective Date:  July 1, 2012

 

Enrolled Act No.:  SEA0032

 

Chapter No.:       CH0069

 

Prime Sponsor:     Joint Judiciary Interim Committee

 

Catch Title:       Property exempt from execution.

 

Subject:           Amounts of property exempt from execution and attachment.

 

Summary/Major Elements:

 

·         Statutory exemptions from execution and attachment allow individuals who have taken out bankruptcy to retain a certain value in their home and in other designated property. 

 

·         This act increases the value of property which is not subject to bankruptcy or other collection proceedings.  It also clarifies specific individual retirement accounts that are exempt from execution.