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Idaho, ID Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Idaho Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Idaho Bankruptcy Exemptions

ASSET EXEMPTION DESCRIPTION LAW SECTION

HOMESTEAD

Real property or mobile home to $50,000 ; sale proceeds exempt for 6 months

55-1003, 55-1113

Must record homestead exemption for property that is not yet occupied

55-1004

INSURANCE

Annuity contract proceeds to $1,250 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

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

41-1930

Unmatured life insurance contract, other than credit life insurance contract; and dividend, interest, or loan value of any unmatured life insurance contract under which the insured is the debtor or the debtor's dependent, up to $5,000.

11-604, 41-1833, 11-605

Medical or hospital care benefits

11-603(5)

MISCELLANEOUS

Alimony, child support needed for support

11-604(1)(b)

Liquor licenses

23-514

PENSIONS
also see wages

ERISA-qualified benefits

55-1101

Firefighters

72-1417

Police officers

50-1517

Public employees

59-1317

Retirement plans, government and private pensions.

11-604

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

11-604

Proceeds for damaged exempt property for 3 months after proceeds received

11-606

Wrongful death recoveries needed for support

11-604(1)(c)

College savings program account

11-604

Any tangible personal property up to $800.

11-605

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

Either a minimum of 75% of earned but unpaid wages or 30 times the federal hourly minimum wage - whichever is greater; pension payments. Judge may approve more for low income debtors

11-207