|
Each person filing Chapter 7 in within the state may claim Louisiana
bankruptcy exemptions. Compared to the federal exempt property list, and
those provided by other states across the nation, Louisiana bankruptcy
exemptions provide a relatively low value for property retained. In
practice however, few trustee within the state show interest in seizing
property if the cost of seizure, accounting, liquidation and reporting
cannot be recovered from auction proceeds. The single greatest
protection for personal and household items is the practical
administration limitations in a commercial market. For larger fungible
property (cars, boats, etc.), careful prebankruptcy planning is
essential.
Louisiana bankruptcy law incorporates the state Napoleonic code
tradition, in that title to real estate, and forced heirship through a
tutrix may influence the outcome in some circumstances. The Code
Napoleon is nevertheless eroded daily by the implementation of uniform
federal laws, and to the extent state law is not inconsistent with
Federal Code requirements, Louisiana bankruptcy courts incorporate state
statutes.
See also: Louisiana Homestead Exemption.
|
