Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are certain assets you cannot keep after you file for bankruptcy in Idaho. Generally speaking, most of your assets are considered “property of the estate” during bankruptcy and will be sold to repay your creditors. However, you are usually allowed to keep some of your property as long as its value does not exceed certain limits. Some of the assets you can typically keep in a Chapter 7 bankruptcy in Idaho are jewelry up to $2,500, a car up to $3,000, personal effects up to $2,000, and household goods and furnishings up to $3,500. In addition, any tools of trade needed for work, up to $2,500, and any other equity in a single item of property, up to $2,500, may be exempt from sale. Bankruptcy exemptions can vary from state to state. Under Idaho’s laws, there are some assets you are not allowed to keep, such as a boat worth more than $7,500, a motor vehicle worth more than $10,000, collectibles or antiques worth more than $5,000, jewelry worth more than $2,500, and artwork worth more than $500. In addition, the equity in real property other than the debtor’s primary residence is not exempt in Idaho. When you file for bankruptcy in Idaho, you will need to list all of your assets and whether they are exempt or not. An experienced bankruptcy attorney can help you understand the law and make sure you are able to keep as much of your property as possible.

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Are there any assets that I cannot keep after filing for bankruptcy?

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