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 | 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 $500 | 11-605(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 Card | aggregate interest in any tangible personal property up to $800 | 11-605(10) |
For more information on filing bankruptcy in Idaho explore Idaho Bankruptcy Law.
