Most of my clients who file for bankruptcy keep all of their stuff.  Generally speaking, if you do not own any real estate other than your house, and do not have stocks or bonds tucked away, your case will probably be considered a “no asset” case.  This is because, even though you do own some assets, you do not own any assets that are not exempt.  The following is a non-exclusive list of exempt assets in Louisiana:

- $35,000 in home equity

- $7,500 in equity in one vehicle for the family

- $5,000 for wedding and engagement rings

- retirement and pension funds

- tools of the trade

- furniture, clothes and firearms.

Now this is not a list of every single exemption in Louisiana.  If you are concerned over whether your Louisiana Firefighter’s pension is protected, rest assured that it is.  But when considering what assets may or may not be exempt, it’s best to speak to a qualified bankruptcy attorney like me.  The exemptions are state wide and it does not matter whether you are filing in New Orleans, Baton Rouge or Monroe.  Unfortunately, Louisiana is not the most generous state when it comes to exemptions.  Louisiana is actually rather stingy when it comes to the debtor’s property.  That’s unfortunate because pro-debtor states like Texas and Florida allow the bankruptcy debtor to retain a far greater amount of property in bankruptcy and thus, wealthy people want to move there.  Maybe one day Louisiana will learn to be more friendly to its tax-paying citizens and allow debtors to retain more of their possessions when they are in financial need.

If you would like to develop a strategy to protect your assets from creditors or in bankruptcy, call me at 504-599-5906 or email me through our contact form.