Louisiana Bankruptcy Exemptions in Chapter 7 and 13 Bankruptcy Cases (Part 2)
By Kevin Gipson, New Orleans Bankruptcy Attorney on Feb 25, 2007 in General Bankruptcy Information, Louisiana, State Specific Bankruptcy Issues
In Part 1 we discussed the Louisiana homestead exemption. In this part we outline the more commonly used Louisiana bankruptcy exemptions for personal property.
Those bankruptcy exemptions are:
1) One motor vehicle with an equity value of $7,500.00 or less.
2) A wedding or engagement rings worn by either spouse, provided the value of the ring does not exceed five thousand dollars.
3) The clothing, bedding, linen, chinaware, nonsterling silverware, glassware, living room, bedroom, and dining room furniture, cooking stove, heating and cooling equipment, one noncommercial sewing machine, equipment for required therapy, kitchen utensils, pressing irons, washers, dryers, refrigerators, deep freezers.
4) Property necessary to the “exercise of a trade, calling, or profession” also known as the tools of the trade.
5) The Federal earned income tax credit, except for seizure by the Department of Revenue or arrears in child support payments.
6) Pensions, tax-deferred arrangements, annuity contracts, and all proceeds of and payments under all tax-deferred arrangements and annuity contracts. However, contributions made less than one calendar year of the date of filing bankruptcy are not exempt.
Remember, there are other Louisiana bankruptcy exemptions that may apply. You should consider consulting an experienced consumer bankruptcy attorney about your rights and obligations.
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