Idaho Bankruptcy Exemptions
Locate a Local Finance Lawyer
Exemptions in Idaho
Some of the most common bankruptcy exemptions in Idaho are listed below. The amounts listed for these exemptions may be higher for married couples. Idaho has opted out of the federal bankruptcy exemptions, and has created its own exemptions under state law. If you are considering filing for bankruptcy, it is a good idea to consult a local attorney familiar with Idaho laws.
- Up to $100,000
• Equity in automobile
- Up to $7,000 in one motor vehicle
• Personal property
- Up to $7,500 in household goods, furnishings, appliances, clothing, animals, books, instruments, family portraits and heirlooms, items not to exceed $750 in value each
- $1,000 in jewelry
- 12 months’ worth of food and water
- Burial plot
- Arms, uniforms, and accoutrements of police or military members
- Crops up to $1,000 on up to 50 acres, including water rights up to 160 inches
- One firearm with value up to $750
- Health aids
• Wages and cash
- 75% of disposable earnings if under 30 times minimum wage
- Earned income tax credit
• Tools of the Trade
- Up to $2,500 in implements, professional books, business equipment, and tools of the trade
- Insurance benefits as necessary for support
- Home insurance proceeds of up to $100,000 for one year after receipt
- Fraternal benefit society benefits
- Death/disability benefits
- Medical benefits
• Pensions and Retirement
- IRAs, retirement funds (including ERISA funds), and pensions
- Public employee, police, and firefighter retirement benefits
• Public benefits
- Unemployment compensation
- Workers’ compensation
- Welfare benefits
- Veterans’ benefits
- Social security
• Alimony and child support
- Alimony and support payments reasonably necessary for support
- Personal injury proceeds needed for support
- Wrongful death proceeds needed for support
• Wild card
- Up to $800 in personal property
How Does the Wildcard Exemption Work?
The wildcard exemption can be used by the debtor to save any property, including property not covered by the other exemptions. The catch is that the debtor can only save up to $800.
Do I Need a Bankruptcy Lawyer?
Bankruptcy is complex, and it is important to use the exemptions above properly and to file all paperwork correctly. If you are considering filing for bankruptcy in Idaho, please consult a bankruptcy attorney for advice and assistance.
Consult a Lawyer - Present Your Case Now!
Last Modified: 12-21-2015 04:08 PM PST
Link to this page