Like any other state of the United States, there are specific sets of Idaho bankruptcy laws that are used by bankruptcy courts to solve the various bankruptcy cases for the permanent residents of Idaho. The bankruptcy courts in Idaho are located at five places, including Boise, Coeur d’Alene, Jerome, Moscow, Pocatello etc. However, like most of the other states, you can use the following exemptions along with the federal supplemental exemptions.
Properties And Funds That Are Allowed To Be Exempted Under The Idaho Bankruptcy Laws
Following are the specific ways in which Idaho bankruptcy laws allow the bankrupt individuals to exempt various kinds of properties:
•For both single individuals and married couples, the properties exemptible under the homestead section amount up to fifty thousand dollars.
•If there are any properties that have not yet been occupied by the debtor, the person is supposed to record homestead exemption for such properties.
•Under the insurance exemptions of Idaho bankruptcy laws, you can exempt annuity contracts up to the value of three hundred and fifty dollars.
•Other exemptible funds and benefits under the insurance exemptions include all types of health and disability fund, fraternal benefits, society benefits, and life insurance proceeds.
•Under the Miscellaneous section of the Idaho bankruptcy laws, the exemptible funds and properties include all kinds of child support funds and any such properties that you are using for some partnership business.
•Pension funds are also exemptible under the Idaho bankruptcy laws but only for the following individuals:
◦Public employees
◦Firefighters
◦Police officers
•Sentimental heirlooms are also considered as exemptible, under the personal properties section, but only at the rate of five hundred dollars per item.
•Other personal properties like books, family pictures, clothing, pets etc are allowed to be exempted for up to five thousand dollars in total.
•Jewelry products are also exemptible under the Idaho bankruptcy laws up to the value of one thousand dollars.