Louisiana Bankruptcy Exemptions

Guidelines for Louisiana bankruptcy exemption appraisals

Appraisals are inseparable from the State of Louisiana bankruptcy exemptions. The value of property is strictly regulated by category and in some circumstances, individual item. Originally, the state statute was based on Napoleonic law and applied in a piecemeal fashion throughout the parishes. New Orleans was subject to many exceptions as compared to Shreveport, Baton Rouge and Lake Charles. Over time however, an enduring national trend toward homogeneous national laws as impacted Louisiana state law.

Appraisals in practice before federal bankruptcy courts

Trustees review the propriety of all Louisiana bankruptcy exemptions claimed in liquidation proceedings. These trustees serve as a assistant trustee to the US Bankruptcy Trustee, who is part of the US Department of Justice. The standard of review adopted is consistent with a single national scope, and the method of appraisal must pass muster with the trustee according US Justice Department guidelines.