[CLBS] Bankruptcy Exemptions Bill (HB 464) - - Signed by Governor 3/23/2020

[Paul Ross]

Great work!  Thank you Alex!

On Tue, Mar 24, 2020 at 11:49 AM Alexandra Caval <alex at cavallawoffice.com>
wrote:

> Folks,
> As you may recall from the Bankruptcy Seminar in McCall last month, there
> was a bill working its way through the Idaho Legislature to change the
> homestead exemption as well as some of the personal property exemptions in
> 11-605. That bill is House Bill 464, a copy is attached for your reference.
> The bill was transmitted to the Governor's office on 3/18/2020 and he
> signed it on 3/23/2020. The bill has an emergency clause so it is effective
> upon the governor's signature rather than July 1, 2020.
>
> Here is a summary of the changes:
>
> *Homestead exemption (55-1003) *- the sliding scale tying the exemption to
> the equity is removed; it is now a flat statutory amount. The exemption
> amount also increases from $100,000 to $175,000.
>
> *11-605(a),(b),(c)* - no change to the aggregate exemption amount but the
> single item exemption increases from $750 to $1000.
>
> *Tools of the trade (11-605(3))* - increases from $2,500 to $10,000
>
> *Vehicle exemption (11-605(3))* - increases from $7,000 to $10,000
>
> *Water rights/crops (11-605(7))* - increases from $1,000 to $5,000
>
> *Firearm (11-605(8))* - increases from $750 to $1,500
>
> *Wildard (11-605(10))* - increases from $800 to $1,500
>
> *Disposable Earnings (11-605(11))* - increases from $1,500 to $2,500.
>
> It will take a few days for the changes to show up in the Idaho Statutes
> online.
>
> Sincerely,
> --
>
> Alexandra O. Caval
>
> Caval Law Office, P.C.
>
> P.O. Box 1716
>
> Twin Falls, ID 83303-01716
>
> T: 208.733.2035
>
> F: 208.733.3919
>
> alex at cavallawoffice.com
>
>
>
>
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