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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15584
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Is there any way to protect any part of my tax refund from

Customer Question

Is there any way to protect any part of my tax refund from my trustee in bankruptcy? I really need the money. I live in Idaho.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

How much was your refund?

WALLSTREETESQ :

Idaho’s wildcard exemption allows you to protect up to $800 of any personal property you own. Idaho Code § 11-605, they allow you to double the amount if married, also, consider delaying the bankruptcy for atleast six months after the refund, so it would not be taken,

WALLSTREETESQ :

during the six months you can use it for living expenses, and purchasing exempt assets,

WALLSTREETESQ :

Common Idaho Exemptions


Here are some of the most common exemptions available under Idaho law. Unless otherwise indicated, all references are to the Idaho Code.


Homestead or Residential Property


The homestead exemption protects a certain amount of equity in your home or principal residence. You may exempt up to $100,000 in your home or mobile home. You and your spouse may not double the homestead exemption. Idaho Code § 55-1003.


Insurance proceeds from the destruction of your home or proceeds from the sale of your home, so long as you intend to use them to purchase a new home, are also exempt, up to $100,000, for one year after you receive them. Idaho Code § 55-1008.


For more details about how the homestead exemption works in Idaho, see The Idaho Homestead Exemption.


Property Exempt Without Limitation


You may exempt the following property up to an unlimited value, pursuant to Idaho Code § 11-603:



  • A burial plot for you or your family member.

  • Health aids that allow you or a family member to work and maintain your health.

  • Public assistance and unemployment compensation.

  • Medical savings accounts.


Property Exempt to the Extent Reasonably Necessary for Support


You may exempt the following property as long as it is reasonably necessary for your support, pursuant to Idaho Code § 11-604:



  • Insurance Benefits

  • Group life insurance benefits. Idaho Code § 41-1835

  • Life insurance proceeds, if the contract states that they are exempt from creditors’ claims. Idaho Code § 41-1930.


The following property is also exempt up to an unlimited value, as long as it is reasonably necessary for your support. However, it will lose its exempt status if the funds are commingled with any other funds.



  • Proceeds received as the result of bodily injury or wrongful death of a person upon whom you are dependent.

  • Disability benefits.

  • Alimony or support payments.


Motor Vehicles


Idaho does not have a specific motor vehicle exemption, but you can use Indiana's wildcard exemption to protect equity in your car, truck, van, or other vehicle if you file for Chapter 7 bankruptcy.

WALLSTREETESQ :

http://www.nolo.com/legal-encyclopedia/idaho-bankruptcy-exemptions.html

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback.

Expert:  WALLSTREETESQ replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  WALLSTREETESQ replied 1 year ago.
WALLSTREETESQ : Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on
WALLSTREETESQ : How much was your refund?
WALLSTREETESQ : Idaho’s wildcard exemption allows you to protect up to $800 of any personal property you own. Idaho Code § 11-605, they allow you to double the amount if married, also, consider delaying the bankruptcy for atleast six months after the refund, so it would not be taken,
WALLSTREETESQ : during the six months you can use it for living expenses, and purchasing exempt assets,
WALLSTREETESQ :
Common Idaho Exemptions

Here are some of the most common exemptions available under Idaho law. Unless otherwise indicated, all references are to the Idaho Code.
Homestead or Residential Property

The homestead exemption protects a certain amount of equity in your home or principal residence. You may exempt up to $100,000 in your home or mobile home. You and your spouse may not double the homestead exemption. Idaho Code § 55-1003.
Insurance proceeds from the destruction of your home or proceeds from the sale of your home, so long as you intend to use them to purchase a new home, are also exempt, up to $100,000, for one year after you receive them. Idaho Code § 55-1008.
For more details about how the homestead exemption works in Idaho, see The Idaho Homestead Exemption.
Property Exempt Without Limitation

You may exempt the following property up to an unlimited value, pursuant to Idaho Code § 11-603:

A burial plot for you or your family member.

Health aids that allow you or a family member to work and maintain your health.

Public assistance and unemployment compensation.

Medical savings accounts.


Property Exempt to the Extent Reasonably Necessary for Support

You may exempt the following property as long as it is reasonably necessary for your support, pursuant to Idaho Code § 11-604:

Insurance Benefits

Group life insurance benefits. Idaho Code § 41-1835

Life insurance proceeds, if the contract states that they are exempt from creditors’ claims. Idaho Code § 41-1930.


The following property is also exempt up to an unlimited value, as long as it is reasonably necessary for your support. However, it will lose its exempt status if the funds are commingled with any other funds.

Proceeds received as the result of bodily injury or wrongful death of a person upon whom you are dependent.

Disability benefits.

Alimony or support payments.


Motor Vehicles

Idaho does not have a specific motor vehicle exemption, but you can use Indiana's wildcard exemption to protect equity in your car, truck, van, or other vehicle if you file for Chapter 7 bankruptcy.
WALLSTREETESQ : http://www.nolo.com/legal-encyclopedia/idaho-bankruptcy-exemptions.html
WALLSTREETESQ : If you have any further questions please do not hesitate to ask.
WALLSTREETESQ : If satisfied please provide us with positive feedback.


Please only rate my answer when you are 100% satisfied. IF you feel the need to click either "Helped a little" or "I expected more", please stop and reply to me via the CONTINUE CONVERSATION button with the issue you
Expert:  WALLSTREETESQ replied 1 year ago.
You have given me a negative rating I am an attorney with over 14 years experience and have given you the correct answer, Idaho only exempts $800 of personal property ad they do not let you use the federal exemptions,

If you wait to file that is your best option
Customer: replied 1 year ago.


He repeated himself in his posts ... I have already filed the bankruptcy and need to save this refund if I can. No help. dissatisfied

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