With the introduction of the new bankruptcy laws that are effective from October 2005, the Idaho bankruptcy laws have become a bit more complicated. Furthermore, the rules in the state vary from those in other states in several respects. Therefore, you must keep in mind the following things before you file for insolvency:

Hiring A Bankruptcy Attorney In Idaho

Because of the fact that the Idaho insolvency rules and regulations are a bit different from other state, it is important for you to be very prudent in choosing the right attorney to handle your specific case. Your lawyer must be highly experienced and knowledgeable. In particular, he or she must be aware of the specific bankruptcy laws that are applicable in the state. More importantly, make sure that the attorney you have chosen has the license to handle the impoverishment cases in the state. You cannot hire a bankruptcy attorney from other state to handle the liquidation cases. State-specific license is important.

filing Bankruptcy In Idaho

Filing liquidation in the state requires you to fulfill certain conditions. For example, you must note that as per the state rules, in order to file for impoverishment in court, you have to be a permanent resident of the state.

Federal Exemptions Or Idaho-Specific Exemptions

The various properties exemptions have been interpreted in the bankruptcy laws in a different way. In fact, it is important for you to understand that the basic thing that differentiates the laws in Idaho from those in other states is the different interpretation of properties exemptions. However, Idaho is some of those states that allow the debtor to use the federal supplement exemptions along with the Idaho specific exemptions. However, at the same time, you should also note that you cannot completely substitute the State specific exemptions with the federal supplement exemptions. Following are some of the important points regarding the properties exemptions:

• The homestead exemptions as per the Idaho bankruptcy laws include real property or mobile home up to the amount of fifty thousand dollars. The court also makes it mandatory for you to record homestead exemption for property that has not yet been occupied.


• Jewelry products have also been declared as exemptible properties, as per the Idaho laws. The maximum amount that you can exempt in this regard is one thousand dollars.


• Likewise, you can also exempt motor vehicles, but only up to the amount of three thousand dollars.


• The impoverishment laws also declare one firearm, up to five hundred dollars, as exemptible personal property.

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