Bankruptcy current exemptions

You will not lose everything in a Chapter 7 liquidation bankruptcy.  This is what you get to keep under Idaho Law:

HOMESTEAD–Real property or mobile home to $100,000 (does not double for joint debtors); sale proceeds exempt for 6 months.  You must record homestead exemption for property that is not yet occupied, and if you lived outside Idaho in the 2 years prior to filing, you have to use the exemption for your homestead from the prior state.  (See IC 55-1001 et seq)

INSURANCE –Annuity contract proceeds, death or disability benefits for spouse or dependent, Fraternal benefit society benefit, Group life insurance benefits, Homeowners insurance proceeds to amount of homestead exemption, Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors, Life insurance proceeds or avails for beneficiary or other than the insured, Medical, surgical or hospital care benefits. (See IC 41-1830 et seq)

MISCELLANEOUS–Alimony, child support needed for support, Liquor license, Property of business partnership

PENSIONS–all amounts in ERISA-qualified benefits (See IC 55-1101, for Firefighters (See IC 72-1422), Police officers (See IC 50-1517), Public employees (See IC 59-1317), other pensions needed for support but payments can’t be mixed with other money (See IC 11-604(1)(e)).

PERSONAL PROPERTY       Appliances, furnishings, books, clothing, pets, musical instruments, 1 firearm, family portraits and sentimental heirlooms to $500 per item, $5,000 total (See IC 11-605(1))

            Building materials          45-514

            Burial plots       11-603(1)

            Crops cultivated by debtor on maximum 50 acres, to $1,000;

            includes water rights of 160 inches           11-605(6)

            Health aids needed       11-603(2)

            Jewelry to $1000          11-605(2)

            Motor vehicle to $3,000 ($5,000 after July 1, 2008)       11-605(3)

            Personal injury recoveries needed for support    11-605(1)(c)

            Proceeds for damaged exempt property for 3 months after proceeds received   11-606

            Wrongful death recoveries needed for support   11-604(1)(c)

            one firearm up to $500 11-605(7)

PUBLIC BENEFITS   Aid to blind, aged, disabled, AFDC      56-223

            Federal, state and local public assistance (includes earned income credit) 11-603(4)

            General assistance        56-223

            Social security  11-603(3)

            Unemployment compensation    11-603(6)

            Veterans benefits        11-603(3)

            Workers compensation           72-802

TOOLS OF TRADE    Arms, uniforms and accourtrements that peace officer, national guard or military personnel is required to keep           11-605(5), Implements, books and tools of trade to $1,500            11-605(3)

WAGES          Minimum 75% of earned but not paid wages, pension payments; bankruptcy judge may authorize more for low-income debtors      11-207

Wild Card        aggregate interest in any tangible personal property up to $800   11-605(10)