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How to File Bankruptcy Idaho

Bankruptcy in Idaho

The process of filing for chapter 7 or chapter 13 bankruptcy is virtually identical in every state, including Idaho.  This is because, many aspects of filing for bankruptcy are in fact regulated by federal law.  Despite the large role that federal laws play in bankruptcy, each state still exerts a large amount of influence over each individual bankruptcy case.  In Idaho, the most dramatic display of this influence can be seen in the settling of property exemptions in the case of Chapter 7 bankruptcy cases, and in the amounts which must be payed to your creditors in the case of Chapter 13 bankruptcy cases.

Prerequisites for Filing Bankruptcy in Idaho 

Before you will be able to file for either Chapter 7 or Chapter 13 bankruptcy in Idaho, you will first need to attend credit counseling.  This credit counseling is mandatory, and must be completed with an agency that has been approved by the US trustees office.

Where to File for Bankruptcy in Idaho

The main bankruptcy court in Idaho is located in Boise.  If you do not live in the Boise area you can easily obtain the forms you will need, along with general information and local rules on the court’s website.

Idaho Property Exemptions Rules

As previously stated, the rules which govern property exemptions is largely influenced by the state.  While some states will allow you to choose between the federal list of property exemptions and the list that is provided by their individual state governments, Idaho does not provide its residence with this choice.

In the state of Idaho people  who file for bankruptcy are allowed to protect a maximum of $108,000 in property.  The way this protection is broken down is as follows:

  • $100,000 worth of home equity
  • $7,000 worth of car equity
  • $1,000 worth of jewelry

How the Means Test Works in Idaho

In order to determine whether or not you will be able to file for Chapter 7 bankruptcy or if you will need to file Chapter 13 bankruptcy, the federal government requires that a means test is applied to your income.  In order to determine which chapter bankruptcy you will be filing, you will need to compare your income to the median income in the state of Idaho.  If you income is above the median income for this particular state, you will need to file Chapter 13 bankruptcy.  If your income falls below the median income, you will be permitted to file Chapter 7 bankruptcy.

Debtor Education in Idaho

Just as with the credit counseling you are require to take prior to filing for bankruptcy, attending a debtor’s education course is also mandated by both federal and state bankruptcy regulations.  This course is to be taken after your case has been completed and you have received your court ruling.  The purpose of this course is to help you prevent future credit mistakes, and to help you learn how to rebuild your credit in the wake of a bankruptcy.  This course must be taken through an agency which is approved through the US trustees office.

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