Louisiana Bankruptcy Exemptions in Chapter 7 and 13 Bankruptcy Cases (Part 2)

25 Feb Louisiana Bankruptcy Exemptions in Chapter 7 and 13 Bankruptcy Cases (Part 2)

In Part 1 of this topicI discussedthe Louisiana real estatehomestead exemptions.

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:

  1. 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.”
  2. 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.
  3. A wedding ringor engagement rings worn by either spouse, provided the value of the ring does not exceed five thousand dollars in value.
  4. 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.
  5. 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
    hundred dollars.
  6. The Federal earned income tax credit, except when there is a seizure by the Department of Revenue or arrears in child support payments.
  7. 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.
  8. Pets.
  9. 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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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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