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Louisiana State Bankruptcy Exemptions |
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Louisiana State Bankruptcy Exemptions |
| ASSET | EXEMPTION | LAW PROVISION |
| HOMESTEAD | Property you occupy to $15,000; cannot exceed 160 acres on 1 tract, or on 2 or more tracts if there’s a home on 1 tract and field, garden or pasture on others (husband and wife may not double) |
20:1 |
| Spouse or child of deceased owner may claim homestead exemption; spouse given home in divorce gets homestead | 20:1 | |
| INSURANCE | Fraternal benefit society benefits | 22:558 |
| Group insurance policies or proceeds | 22:649 | |
| Health, accident or disability proceeds or avails | 22:646 | |
| Life insurance proceeds or avails; if policy issued within 9 months of filing, exempt only to $35,000 | 22:647 | |
| MISCELLANEOUS | Property of minor child | 13:3881A(3), Civil 223 |
| PENSIONS | Gratuitous payments to employee or heirs whenever paid | 20:33(2) |
| ERISA-qualified benefits if contributions made over 1 year before filing for bankruptcy | 13:388D(1), 20:33(4) | |
| PERSONAL PROPERTY | Arms, military accouterments, bedding, linens and bedroom furniture, chinaware, glassware, utensils, silverware, (non-sterling), clothing, family portraits, musical instruments, heating and cooling equipment, living room and dining room furniture, poultry, fowl 1 cow, household pets, pressing irons, sewing machine, refrigerator, freezer, stove, washer and dryer |
13:3881A(4) |
| Cemetery plot, monuments | 8:313 | |
| Engagement and wedding rings to $5,000 | 13:3881A(5) | |
| PUBLIC BENEFITS | Aid to blind, aged disabled , AFDC | 46:111 |
| Crime victims’ compensation | 46:1811 | |
| Unemployment compensation | 23:1693 | |
| Workers’ compensation | 23:1205 | |
| TOOLS OF TRADE | Tools, instrument, books, pickup truck (maximum 3 tons) non-luxury auto and trailer, needed to work | 13:3881A(2) |
| WAGES | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtor | 13:3881A(1) |
Thursday January 12, 2006