Louisiana Bankruptcy Exemptions

The chart below contains a summary of Louisiana state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Louisiana bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Louisiana Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSETEXEMPTIONLAW
Louisiana HomesteadProperty occupied by debtor to $35,000 (if the debt results from a catastrophic or terminal illness/injury, then to full value of property as of one year before filing). Property cannot exceed 5 acres in a city or town, or 200 acres elsewhere. Husband and wife may not double.20:1(A)(1), (2), (3)
WagesMinimum 75% of disposable weekly earnings or 30 times the Federal minimum hourly wage per week (whichever is greater). Bankruptcy judge may authorize more for low-income debtors13:3881(A)(1)
AutomobileUp to $7,50013:3881(A)(7)
Other propertyHealth, accident, or disability proceeds or avails22:1015
Arms, military accouterments; bedding; dishes, glassware, utensils, silverware; clothing, family portraits, musical instruments; bedroom, living room, and dining room furniture; poultry, one cow, household pets; heating and cooling equipment, refrigerator, freezer, stove, washer and dryer, iron, sewing machine13:3881(A)(4)
Engagement and wedding rings to $5,00013:3881(A)(5)
Cemetery plot, monuments8:313
Tools, instruments, books, $7,500 of equity in a motor vehicle, one firearm to $500, needed to work13:3881(A)(2)
WildcardNone

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Louisiana bankruptcy court statutes.

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Go to Complete State of Louisiana bankruptcy exemptions laws.

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