HB2771 Summary

• Increases motor vehicle exemption from $2,400 to $10,000 in value from judgment, attachment, or distress for rent.

• Increases tools of the trade exemption from $1,500 to $7,500 in value for implements, professional books, or tools used by the debtor.

• Increases general personal property exemption from $4,000 to $50,000 in value for any other property owned by the debtor.

• Establishes $4,000 exemption in checking or savings accounts that remains protected until a hearing is held and the debtor can designate which personal property to apply the exemption toward.

• Requires financial institutions to inform the court and judgment creditor of exempt amounts ($4,000 or less) in accounts rather than freezing access or turning funds over when receiving a citation to discover assets.