Changes in Idaho Code Section 11-605 and 55-1003 Exemptions:
Under Idaho Code Sections 11-605 and 55-1003, the State of Idaho provides a list of exemptions for debtors. An exemption means that a creditor cannot collect on the exempt asset in a collection’s lawsuit; and a bankruptcy trustee cannot sell the asset to pay creditors if the debtor files for bankruptcy protection. The dollar amount limit on each category means that the debtor can keep the exempt asset if it is not worth more that the dollar amount listed in the statute.
The Idaho Legislature passed HOUSE BILL 464 which made the following changes to the above sections of the Idaho Code:
- C. 11-605(1): Increased the exemption for household belongings from $750 to $1000 for any one item, and $7,500 total.
- C. 11-605(3): Increased exemption for implements, professional books, business equipment and tools of the trade from $2,500 to $10,000.
- C. 11-605(3): Increased exemption for one (1) motor vehicle from $7,000 to $10,000.
- C. 11-605(7): Increased the exemption for one (1) water right from $750 to $1,500.
- C. 11-605(8): Increased the exemption for one (1) firearm from $750 to $1,500.
- C. 11-605(10): Increased an individual exemption in any tangible personal property (“wildcard exemption”) from $800 to $1,500.
- C. 11-605(11): Increase the exemption for unpaid disposable earnings from $1,500 to $2,500.
- C. 55-1003: Increased the homestead exemption from $100,000 to $175,000.
If you are being harassed by creditors and need assistance either defending against a creditor’s claims or filing bankruptcy, please contact the experienced attorneys at Idaho Bankruptcy Center for a consultation.