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Bankruptcy Update-Idaho Raises Homestead Exemption

Idaho Bankruptcy Update-Homesteads and COVID-19
April 6, 2020

The Idaho exemptions have recently changed significantly in favor of borrowers. An exemption
is an item of value that is protected from a creditor’s reach. Even if a person is sued and a
judgment is entered against the borrower, a creditor is still barred from taking these items.

One of the biggest changes is to Idaho’s homestead exemption. Idaho Code Section 55-1001
allows an Idaho resident to exempt $175,000 of equity in their home. How does this work?

If your home is worth: $400,000

And you owe (mortgage): ($225,000)

You can protect the difference: $175,000

So long as the equity (value – mortgage) is less than $175,000 you can protect that equity from a
creditor or trustee’s reach.

Foley Freeman is committed to continuing to provide our clients with bankruptcy advice during
the current Covid-19 pandemic

As a result of the current coronavirus pandemic, Foley Freeman has transitioned for the time
being to a largely remote work environment. Working remotely, we have the knowledge,
experience, and resources to help you with your bankruptcy, reorganization, and debt settlement
needs. Via telephone, video conferencing, and email, Foley Freeman can craft quality bankruptcy
and reorganization documents for your review and approval—be it a “fresh start” chapter 7
bankruptcy or a complicated chapter 11 reorganization. Once the documentation is finalized, we
have established procedures to safely enable clients to visit our office and have those documents
signed—all while complying with the current Covid-19 social distancing rules and guidelines.

Tough times are ahead for Idahoans and Foley Freeman is here to help. If you and your family
are in financial distress, please contact us to make an appointment to discuss all your options
including reorganizations, liquidations, workouts and all chapters of the bankruptcy code.

Please call 208-888-9111 for a free consultation during the coronavirus pandemic.