Louisiana Bankruptcy Exemption List
Federal bankruptcy exemptions are outlined in the federal bankruptcy exemption list, but many states, including Louisiana, have constructed their own state bankruptcy exemption list.
In the state of Louisiana, you must use the state exemption list.
A Louisiana Bankruptcy attorney should be consulted to determine what assets are exempt prior to filing bankruptcy. There may be certain residency requirements to use the state exemption list and not all of your assets may be on the list. Certain federal supplemental exemptions may be allowed in certain states if you use the state exemptions.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| 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 |
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 |
| Public Benefits |
Aid to blind, aged disabled , AFDC |
46:111 |
| |
Crime victims’ compensation |
46:1811 |
| |
Unemployment compensation |
23:1693 |
| |
Workers’ compensation |
23:1205 |
| 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) |
| Miscellaneous |
Property of minor child |
13:3881A(3), Civil 223 |
| Tools of the 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) |