Idaho State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Idaho law provides a number of exemptions that protect your
property, and your attorney will be able to advise you on which exemptions are
best for you.
Homestead
A dwelling house or mobile home, and the lands on which said structures are
situated, with a total exemption not to exceed the lesser of: (i) the total net
value of the lands, mobile home, and improvements thereon, or (ii) the sum of $50,000.
Wages
The maximum amount of wages that can be garnished in any work week is 25 percent
of the debtor's weekly disposable earnings, or the amount by which the
debtor's disposable earnings exceed 30 times the federal minimum wage,
whichever is less.
Automobiles
$3,000 for one motor vehicle.
Other Property
$1,000 for jewelry; $1,500 for implements, professional books, and
tools of the trade; and $500 per item (not to exceed $5,000 in the
aggregate) for the following items: household furnishings, goods, and
appliances held primarily for the personal, family, or household use of the
individual or a dependent of the individual; wearing apparel, animals, books,
and musical instruments; and family portraits and heirlooms of particular
sentimental value to the individual.
Note: Exemptions may have changed since our last update.
» Read the complete Idaho bankruptcy
exemptions here
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