Louisiana law requires that state bankruptcy exemptions be used, because the state has opted out of the federal exemptions.  Many of Louisiana’s normal bankruptcy exemptions are listed below.  However, the amounts listed may be higher if filing bankruptcy as a married couple. If you would like more information on how to file bankruptcy in Louisiana, please consult an attorney.

• Homestead (equity in dwelling used as residence)
– Up to $35,000 on 5 acres in a town/city or 200 acres in a rural area
• Equity in automobile
– Up to $7,500 in motor vehicle
– An additional $7,500 for a vehicle that accommodates a disability
• Personal property
– Household goods and furnishings, major appliances, clothing, family portraits, arms and military accoutrements, musical instruments, pets and some livestock (poultry/fowl, one cow)
– Up to $5,000 in wedding and engagement rings
– Cemetery plot and monuments
• Tools of the trade
– Unlimited professional tools, instruments or books; can include one gun up to $500 and a utility trailer
• Wages
– 75% of earned income or no less than 30 times federal minimum wage
Federal earned income tax credit
• Insurance
– Insurance proceeds for natural disaster
– Group insurance policy/proceeds
– Health, accident, or disability proceeds
– Up to $35,000 in most life insurance proceeds
– Fraternal benefit society benefits
• Pensions
– Tax exempt retirement plans, annuity contracts, and qualified pensions
–  ERISA qualified benefits
– Gratuitous payments to employees/heirs
• Public benefits
– Public assistance
Crime victims’ compensation
– Unemployment compensation
Workers’ compensation
– Social security
– Veterans’ benefits
• Other
– Property of a minor child

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 Louisiana, please consult a Louisiana bankruptcy lawyer for advice and assistance.