Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Louisiana.
Homestead: Real property up to $35,000. Applies to surviving spouses and dependents. Maximum homestead is 160 acres (rural or urban) in one tract, or more than one tract with a residence on one tract and a garden, field or pasture on the other tract(s). No doubling of exemption by married spouses.
Pensions and Retirement Benefits: ERISA-qualified plans, IRAs (conventional, SEP and SIMPLE), Keoghs and other qualified plans exempt to extent of tax exemption, but no exemption for contributions less than 1 year from filing. Roth IRAs and regular IRAs up to $1,245,000 per person.
Insurance: Life insurance policies or proceeds, limited to $35,000 if policy was purchased within 9 months of filing a bankruptcy action. Group insurance. Health, accident or disability proceeds. Fraternal society benefits.
Personal Property: Furniture. Utensils. Clothing. Family portraits. Musical instruments. Heating & cooling equipment. Pressing irons. Sewing machine. Refrigerator. Freezer. Stove. Washer and dryer. Burial place. Engagement and wedding rings up to $5,000.
Tools of Trade: All necessary tools, instruments, books, or motor vehicle used primarily for trade, up to $7,500.
Miscellaneous: Minor child's property.
Wages: Greater of 75% of weekly disposable earnings or excess of disposable wages over 30 times federal minimum wage. For child support claims, only 50% exempt.
Public Benefits: Unemployment compensation. Workers' compensation. Aid to blind, aged and disabled, AFDC. Crime victim's compensation.
Wild Card: None.