Property Exemption

The idea of filing for bankruptcy is difficult for most people to consider. It is a stressful situation and can put serious strain on an individual’s or family’s daily life. However, there are also many misconceptions about the bankruptcy process. Some people fear that they will be left with absolutely nothing after a bankruptcy case – no house, no car, none of the things they need to live. In fact, the national Bankruptcy Code states that individuals are entitled to keep certain exempt properties.

The state of Louisiana chose to opt out of the national property exemption framework that was set up by the Bankruptcy Code. Thus, the specifics of a case in this state can differ from those in other states in the U.S. Contact an in-state expert like the New Orleans bankruptcy attorneys at Kervin & Young to discuss the details of local law.

What Can I Keep?

In Louisiana, these are some of the things you are entitled to keep:

• Occupied property up to $25,000
• One motor vehicle up to $7,500
• Family pets
• At least 75% of earned, unpaid wages
• Group or life insurance policies/proceeds
• One firearm up to $500
• Wedding rings up to $5,000
• Property required to practice trade or profession (tools, instruments, books, one vehicle, one utility trailer, and one firearm)
• Pensions and annuity contracts
• Personal articles such as clothing, bedding, tableware, furniture, and appliances

Other property may qualify for exemption, as well.

Contact Us

If you are considering filing for bankruptcy, you are entitled to protect some of your property from the grasps of creditors. Contact the New Orleans bankruptcy lawyers of Kervin & Young at 504-599-5906 to make sure you keep what you need to get a fresh start.