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The Idaho homestead exemption helps you protect some or all of the equity in your house. In this article, we explain how much the Idaho homestead exemption will cover and how to apply it in your bankruptcy case. For more bankruptcy information, read Filing for Bankruptcy in Idaho. Not only will you find answers, but it includes helpful checklists and a link to an interactive bankruptcy quiz.
Not Sure What to Expect in Bankruptcy?Caution: The state exemptions have not been updated and should not be relied on but used as a general guide only. Some state exemption amounts could be higher and your state could have changed the law by adding new or deleting old exemptions. You must verify exemption availability through independent research or by consulting with a local bankruptcy attorney.
You'll use Idaho's state homestead exemption in Idaho. Although some states allow residents to choose between state and federal bankruptcy exemptions, the federal exemptions aren't available in Idaho.
To help you make an informed choice, we've listed the homestead exemption amount below and have included links to exemption lists that apply in your case. Also, spouses can double some exemption amounts if you're married, but not all. Find out about other filing considerations for spouses.
Idaho Homestead Exemption
Homestead Exemption Amount
Can spouses who file a joint bankruptcy double the exemption?
Homestead Exemption Law
Idaho Code § 55-1003
Other Information
Amounts are subject to change.
Where to find other exemptions.
In Idaho, the homestead exemption applies to real property, including your home, condominium, or mobile home. It isn't necessary to occupy the property to claim the exemption. However, if you don't live on the property, you must record a homestead declaration before taking advantage of the homestead exemption. (Idaho Code § 55-1003.)
You can file for bankruptcy in Idaho after living there for over 180 days. However, you must live in Idaho much longer before using Idaho exemptions, at least 730 days before filing, to be exact. Otherwise, you'd use the previous state's exemptions.
But suppose you lived in multiple states during the two years before filing for bankruptcy. In that case, you'd use the exemptions of the state you lived in for most of the 180 days before the two-year period immediately preceding your filing. (11 U.S.C. § 522(b)(3)(A).) Learn more about filing for bankruptcy after moving to a new state.
Learn more about this requirement, the current amount of the federal cap, and other important exceptions to homestead exemptions.
You don't have to file a homestead declaration with the recorder's office to claim the homestead exemption in bankruptcy. When filing for bankruptcy, you'll list your homestead exemption on Schedule C: The Property You Claim as Exempt when completing your bankruptcy forms. You can find out about other requirements you'll need to meet in Your Home in Chapter 7 or Your Home in Chapter 13.
Idaho's homestead exemption is in the Idaho Code at § 55-1003 on the Idaho Legislature website. Still, the best way to protect your assets is by consulting with a local bankruptcy lawyer.
Did you know Nolo has made the law easy for over fifty years? It's true, and we want to ensure you find what you need. Below you'll find more articles explaining how bankruptcy works. And don't forget that our bankruptcy homepage is the best place to start if you have other questions!
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We wholeheartedly encourage research and learning, but online articles can't address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer .