Louisiana Bankruptcy Laws

Like most of the other states, the Louisiana bankruptcy laws also allow the debtors to use federal supplemental exemptions along with the state specific exemptions. The Louisiana bankruptcy courts are located at seven places under the three region groups – Louisiana Eastern District Court, Louisiana Middle District Court, and Louisiana Western District Court.

Properties Exempted Under Louisiana Bankruptcy Laws

Following are the specific ways in which the various types of properties are allowed to be exempted, under the Louisiana bankruptcy laws.

•Homestead exemptions include all kinds of residential and real properties, but only up to the amount of fifteen thousand dollars. The Louisiana bankruptcy laws also restrict you in terms of area of the property. The properties exemptible under the homestead exemptions must not exceed 160 acres.
•The Louisiana bankruptcy laws specifically mention that the spouse who has received home in divorce can use that property for homestead exemptions.
•The life insurance policies that are older than nine months at the time of filing bankruptcy can be exempted to its full value. However, if the policy has been issued recently within nine months of filing bankruptcy, you are allowed to exempt maximum 35000 dollars under the Louisiana bankruptcy laws.
•Other life insurance exemptions include health, accident, or disability proceeds or avails, fraternal benefit society benefits and group insurance policies or proceeds.
•Engagement and wedding rings have also been included in the exemptible properties under the Louisiana bankruptcy laws, but the amount in this regards must not exceed five thousand dollars.
•No wild card exemptions have been mentioned specifically under the Louisiana bankruptcy laws.
•Public benefits that can be exempted include workers’ compensation, unemployment compensation, crime victims’ compensation, and aid to blind or aged disabled.
•Under the Miscellaneous exemptions, the properties used in a partnership business have not been mentioned, but the Louisiana bankruptcy laws allow you to exempt any properties that are meant for a minor child.