Idaho Bankruptcy Exemptions

The Idaho bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Idaho. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)

An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.

If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.

When you file bankruptcy in Idaho you may also use certain federal exemptions in addition to your Idaho exemptions.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

HOMESTEAD

Real property or mobile home to $100,000 (does not double for joint debtors); sale proceeds exempt for 6 months

55-1001, 55-1002, 55-1003, 55-1003

 

Must record homestead exemption for property that is not yet occupied

55-1004

INSURANCE

Annuity contract proceeds to $350 per month

41-1836

 

Death or disability benefits

11-604(1)(a), 41-1834

 

Fraternal benefit society benefit

41-3218

 

Group life insurance benefits

41-1835

 

Homeowners? insurance proceeds to amount of homestead exemption

55-1008

 

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary?s creditors

41-1930

 

Life insurance proceeds or avails for beneficiary or other than the insured

11-604(d), 41-1833

 

Medical, surgical or hospital care benefits

11-603(5)

MISC.

Alimony, child support needed for support

11-604(1)(b)

 

Liquor licenses

23-514

 

Property of business partnership

53-325

PENSIONS
also see wages

ERISA-qualified benefits

55-1101

 

Firefighters

72-1422

 

Police officers

50-1517

 

Public employees

59-1317

 

Other pensions needed for support; payments can?t be mixed with other money

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

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

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 $50011-605(7)

PUBLIC BENEFITS

Aid to blind, aged, disabled, AFDC

56-223

 

Federal, state and local public assistance

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

 

For more information on filing bankruptcy in Idaho explore Idaho Bankruptcy Law.