HB 2325 Summary

• Increases the aggregate fair market value exemption for household furniture, furnishings, and appliances from $4,000 to $6,000, while removing the itemized list of specific furniture pieces.

• Raises exemption limits for personal items including musical instruments ($250 to $400), domestic pets ($500 to $800), engagement and wedding rings ($1,000 to $2,000), watches ($100 to $150), and various tools ($500 to $1,000).

• Increases motor vehicle equity exemption from $5,000 to $6,000, or from $10,000 to $12,000 for physically disabled debtors.

• Expands tools and equipment exemption for commercial activities from $2,500 to $5,000 and includes intangible work products such as websites, domain names, client contact information, and marketing tools.

• Increases the personal property homestead prepaid rent exemption from $1,000 to $2,000 for individuals not using the homestead exemption, and modifies the cash account exemption from $150 to $300.