Louisiana, LA Bankruptcy Exemptions

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The Essential Louisiana Bankruptcy Information Guide

Louisiana, LA Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Louisiana Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Louisiana Bankruptcy Code.

New Louisiana Bankruptcy Information to our friends in the gulf coast area of Louisiana considering filing chapter 7 bankruptcy. Due to the devastation caused by hurricane Katrina, the Louisiana Bankruptcy Courts have temporarily waived the new bankruptcy law requirements for your area.

While you will still be required to use the new Louisiana Bankruptcy Forms to File Bankruptcy in Louisiana, Coastal Louisiana residents are not hindered by the tougher bankruptcy restrictions and do not have to pre-qualify for filing chapter 7 bankruptcy in Louisiana by using the "bankruptcy means test" now required across the country.

Louisiana Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Up to $25,000, but cannot exceed 5 acres if the residence in a municipality, or 200 acres if not located in a municipality. As to obligations arising directly as a result of a catastrophic or terminal illness or injury, exemption is the full value of the based on value one year before seizure	20:1
HOMESTEAD	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)
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	School employees	11.1003
	Judges	11.1378
	Assessors	11.1403
	Court clerks	11.1526
	District attorneys	11.1583
	Municipal employees	11.1735
	Parochial employees	11.1905
	Voting registrars	11.2033
	Sheriffs	11.2182
	Firefighters	11.2263
	Police officers	11.3513
	State employees	11.405
	Teachers	11.704
	Louisiana University employees	11.952.3
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	13:3881
	Cemetery plot, monuments	8:313
	Engagement and wedding rings to $5,000	13:3881A(5)
	Spendthrift trusts	9:2004
PUBLIC BENEFITS	Aid to blind, aged disabled , AFDC	46:111
	Crime victims’ compensation	46:1811
	Unemployment compensation	23:1693
	Workers’ compensation	23:1205
	Earned Income tax credit	13:3881
TOOLS OF TRADE	Tools, books, instruments, motor vehicle up to $7,500, and one firearm up to $500 needed for work	13:3881
WAGES	The greater of the following: 30 times the federal minimum hourly wage per week or minimum 75% of disposable weekly earnings. Judge may approve more for low income debtor	13:3881

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