IDAHO BANKRUPTCY LAW

Idaho Bankruptcy: Attorneys, Statistics, Exemptions and Courts.

Idaho Bankruptcy Statistics: In 2009, 7,704 bankruptcies were filed in Idaho. Business bankruptcies accounted for 381 or 4.95% and personal bankruptcies accounted for 7,323 or 95.05% of the total filings.

Idaho State Bankruptcy Exemptions

Homestead The home (("homestead") exemption is limited to $100,000. Idaho defines "homestead" to include real property and mobile homes. In addition, the money received from the sale of the home is exempt for six months after receipt.

Personal Property

The following expenses or items are exempt in their entirety in Idaho:

1. Proceeds for damaged exempt property for up to three months after receipt of proceeds
2. Wrongful death recoveries
3. Damages from a personal injury case
4. College savings program account
5. Burial plot
6. Building materials
7. Health aids

The following expenses or items are exempt up to a specified limit in Idaho:

1. Motor Vehicle limited to $5,000
2. Jewelry is limited to $1,000
3. Crops on 50 acres or less, and up to $1,000
4. Water rights limited to 160 inches
5. Household appliances, furnishings, clothing, pets, musical instruments, books, family heirlooms limited to $500 for each item or $5,000 total
6. 1 gun

Pension

The following individuals' and their survivors' pension benefits are exempt when filing for bankruptcy in Idaho:

1. Firefighters
2. Public officers and employees
3. Police officers

The following pension types are exempt or partially exempt when filing for bankruptcy in Idaho:

1. Government and private pensions (ie-IRA, Keoghs)
2. ERISA qualified benefits

Insurance

The following insurance types are entirely or partially exempt when filing for bankruptcy in Idaho:

1. Debtor's unmatured life insurance contract (other than credit life insurance)
2. If debtor or debtor's dependent owns the contract, $5,000 worth of unmatured life insurance contract interest or dividends
3. Medical, surgical, hospital care benefits, and amount in medical savings account
4. If the insured is not the debtor, life insurance proceeds or avails for a beneficiary
5. Benefits of a fraternal benefit society
6. Life insurance proceeds (if the contract includes a clause that prohibits the proceeds from being used to pay the beneficiary’s creditors)
7. Homeowner's insurance proceeds up to the amount of the homestead exemption
8. Group life insurance benefits
9. Disability or death benefits
10. Annuity contract proceeds limited to $1,250 a month

Public Benefits

The following public benefits are exempt when filing for bankruptcy in Idaho:

1. Aid to blind, elderly, and disability
2. Public assistance (federal, state, and local)
3. General assistance
4. Veterans' benefits
5. Workers' compensation
6. Unemployment compensation
7. Social security

Tools of the trade

This is a separate exemption. he following items have been considered tools of the trade in the state of Idaho:

1. For members of the National Guard--all the equipment they are required to keep, including arms, uniforms, and equipment
2. Tools, instruments, implements and books are exempt up to $1,500

Wages

In Idaho, the greater of 75% or more of earned but unpaid weekly disposable earnings, or thirty times the federal hourly minimum wage, including pensions and insurance benefits is exempt.

Miscellaneous: Liquor licenses, child support and alimony.

Wildcard: $800 of any tangible personal property is exempt.

Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Idaho.

Idaho Bankruptcy Court:

United States Bankruptcy Court, District of Idaho