Posts Tagged ‘Idaho bankruptcy exemptions’

Idaho Bankruptcy Exemptions

You are entitled to certain Idaho bankruptcy exemptions when you are declared as bankrupt in the state of Idaho. But, unlike many other states, here, you do not have an option to use federal set of exemptions. Federal supplemental exemptions however are available. It is also important for you to understand that every bankruptcy case is different and the exact details of how much and what type of properties you qualify to get exempted depends upon a wide array of factors. Therefore, to get a better idea about the same, you can consider consulting with an experienced Idaho bankruptcy attorney. Following is a brief rundown on the general exemptions that you may qualify for in the state of Idaho.

Wildcard

The maximum exemption limit in this category is $800. You can exempt the aggregate interest in any tangible personal property up to that much value.

Wages

Pension payments in this category are exemptible in full. Other unpaid but earned wages can be exempted up to thirty-times the federal minimum hourly wage or up to seventy-five percent of the weekly disposable earnings, whichever is greater. However, it is important to note that the court may allow you to exempt more if you are a low-income debtor.

Tools Of Your Trade

As per Idaho bankruptcy exemptions, you can keep implements, instruments, books, and tools up to a maximum value of $1500. Besides that, a military personnel, National Guard, or peace officer may also keep accoutrements, uniforms, and arms up to the extend that is required for their jobs.

Public Benefits

100% Idaho bankruptcy exemptions are available for most of the common public benefits, such as veterans’ benefits, workers’ compensation, unemployment compensation, social security, general assistance, public assistance (local, state, or federal), and aid to disabled, aged, and blind.

Personal property

Personal assets and properties that are exemptible include one firearm (the maximum limit is $500), wrongful death recoveries (up to what is reasonably needed), proceeds for lost or damaged exemptible property (for 3 months after receiving the proceeds), personal injury recoveries (up to what is needed), automobiles (maximum limit is $5,000), jewelry (maximum limit is $1000), health aids (up to what is needed), burial plots, and building materials. Crops cultivated by you are also exemptible with a maximum limit of $1000 for up to fifty acres of land. Water rights of one hundred and sixty inches are also allowed to be exempted in connection to those crops cultivation. Other personal assets and properties that you can exempt in this category include sentimental heirlooms, family portraits, one firearm, musical instruments, pets, clothing, books, furnishings, and appliances – the maximum limit is $5000 in aggregate total (but not more than $500 on any individual item).

Pensions

Like the exemption laws of many other states, Idaho bankruptcy exemptions also allow full exemptions for the pensions received by public employees, police officers, and firefighters. Besides that, Keoghs, IRAs, retirement plans, and other types of government and private pensions are also allowed to be exempted in full.

Miscellaneous

In the miscellaneous category, you can get 100% exemptions for liquor licenses, child support, and alimony payments.

Insurance

If the debtor owns an un-matured life insurance contract (except credit life insurance), he/she can get the same exempted in full. However, the dividends or interest on any un-matured life insurance contract that either the debtor or a person who the debtor is dependent on owns can be exempted only up to a maximum value of $5000. 100% Idaho bankruptcy exemptions are available on fraternal benefit society benefits, group life insurance benefits, disability or death benefits, money deposited in medical savings account, and hospital, surgical, or medical care benefits. The maximum exemption limit for annuity contract proceeds is $1250 every month.

Homestead

In this category, you can keep up to $100,000 of equity in a mobile home or any real property. If you own a property but you have not yet occupied the same, you must first record the homestead exemption for that property.

Unlike many other states, double Idaho bankruptcy exemptions are available for married couples who file their bankruptcy petition jointly.


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