25 Feb Louisiana Bankruptcy Exemptions in Chapter 7 and 13 Bankruptcy Cases (Part 2)
In this second part of the series,I willoutline the more commonly used Louisiana bankruptcy exemptions for personal property.
Those bankruptcy exemptions are for personal items are:
- Proceeds from insurance for damage that occurs from a “gubernatorially declared disaster” if the funds are placed in an escrow account designated as ‘insurance proceeds.”
- One motor vehicle with an equity value of $7,500.00 or less. This exemption cannot be split between to vehicles. Also, the value of the vehicle is based upon NADA retail book value.
- A wedding ringor engagement rings worn by either spouse, provided the value of the ring does not exceed five thousand dollars in value.
- 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.
- Property necessary to the exercise of a trade, calling, or profession, also known as the tools of the trade which shall be limited to the following:
(a) Tools, (b) Instruments., c) Books, (d) One utility trailer, and (e) One firearm with a maximum value of five
- The Federal earned income tax credit, except when there is a seizure by the Department of Revenue or arrears in child support payments.
- 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 to an Individual Retirement Account) are not exempt.
- One pistol, rifle or shotgun (Arms).
Remember, there are other Louisiana bankruptcy exemptions that may apply to your situation. You should consider consulting an experienced consumer bankruptcy attorney about your rights and obligations.
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