[CLBS] car insurance proceeds

[Sarah Bratton]

See Idaho Code 11-606 Proceeds from the loss or destruction of exempt property. Basically if you can trace it and its not co-mingled then it should be exempt for up to three months after the proceeds are received. 

I would venture this would work the same as proceeds from the sale of a home. 

Be careful though the wild card would not protect insurance proceeds unless it was cash in hand. If your client already has cash in hand they should replace vehicle before filing bankruptcy if at all possible. In any event I would try to have client replace vehicle prior to filing the bankruptcy. 


Sarah B. Bratton, Attorney
Martelle, Bratton and Associates
sarah at martellelaw.com
Eagle, ID 83616



-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of David Brown
Sent: Monday, November 09, 2015 12:48 PM
To: clbs at admws.idaho.gov
Subject: [CLBS] car insurance proceeds

Friends, a little help please.

There is no exemption for car insurance proceeds correct? (car gets totalled and insurance pays proceeds). I have exempted life insurance proceeds before under Idaho Code 41. However I do not believe there is a similar exemption for car insurance proceeds unless I am missing something, correct? ( I suppose I can always use wild card but wanted to see if there is something specific on car insurance proceeds).

Thank you kindly for helping confirm my thoughts or setting me straight if there is an exemption. Dave Brown _______________________________________________
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