Idaho Bankruptcy Exemptions

There is property that you can exempt or protect from creditors when you file bankruptcy in Idaho. You have the option of utilizing the state exemptions or the federal exemptions. After you file for bankruptcy, this property can be kept. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are identified as non-dischargeable debts. Consult a qualified Idaho bankruptcy attorney to discuss your case in detail.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, is secured by a loan and payments are made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure that the property is protected through the bankruptcy.

For married couples filing jointly in bankruptcy, each can claim a full set of exemptions, unless otherwise noted.

Assets

Homestead: Real property or mobile home to $50,000 (cannot double for husband and wife); sale proceeds exempt for 6 months, Must record homestead exemption for property that is not yet occupied

Life Insurance: Annuity contract proceeds to $1,250 per month, Fraternal benefit society benefits, Death or disability benefits, Group life insurance benefits, life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors, Un-matured life insurance contract, other than credit life insurance contract; and divided, interest or loan value of any un-matured life insurance contract under which the insured is the debtor or the debtor’s dependent, up to $5,000, Homeowners’ insurance proceeds to amount of homestead exemption, Medical, surgical or hospital care benefits

Miscellaneous: Alimony, Child Support, Liquor license, Property of business partnership

Pensions: ERISA-qualified benefits, Firefighter, Police officers, Public employees, Other pensions needed for support; payments cannot be mixed with other money, Traditional and ROTH IRAs to $1,095,000 per person, tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit sharing and money purchase plans, SEP and SIMPLE IRAs, and defined-benefit plans. Government and private pensions, retirement plans, IRAs, ROTH IRAs, Keoghs, etc.

Personal Property: Appliances, furnishings, books, clothing, musical instruments, 1 firearm, pets, sentimental heirlooms, family portraits to $500 per item, $5,000 total, Building materials, Burial plots, Crops cultivated by debtor on maximum 50 acres, to $1,000; includes water rights of 160 inches, Health aids, Jewelry to $1,000, Motor vehicle to $3,000, Personal injury recoveries needed for support, Wrongful death recoveries needed for support, Proceeds for damaged exempt property for 3 months after proceeds received, College savings accounts, Any tangible personal property up to $800

Public Assistance: Aid to blind, aged, disabled, AFDC, General assistance, Federal, state and local public assistance, Social Security, Unemployment compensation, Veterans’ benefits, Workers’ compensation

Tools of Trade: Uniforms, arms and accoutrements that peace officers, National Guard or military personnel are required to keep. Implements, books and tools of trade to $1,500

Wages: Minimum 75% of earned but not paid wages or 30 times the federal hourly minimum wage-whichever is greater; pension payments; a bankruptcy judge may authorize more for low-income debtors

Wildcard: Aggregate interest in any tangible personal property to $800

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