Indianapolis Bankruptcy Exemptions Lawyer
Helping Clients in Marion County Keep Their Assets
As you decide which type of
bankruptcy is right for your situation, it is important to know that this is an action
that can change your life in many ways. You might have considered what
you stand to lose in bankruptcy and wondered what assets may be exempt.
At Jackson & Oglesby Law LLC, our bankruptcy attorneys have more than
30 years of combined experience and are committed to providing the legal
aid that our community needs in order to resolve their debt. Below, we
address the possible exemptions you may claim when you file for bankruptcy.
Are you looking for property exemptions in Bankruptcy? Our Indianapolis
bankruptcy exemptions lawyer is ready to represent you. Call Jackson &
Oglesby Law LLC today at (888) 713-5148
contact us online to get started.
What are the Different Types of Indiana Bankruptcy Exemptions?
Your nonexempt assets can be liquidated to pay back your creditors, but
many individuals are able to keep all of their personal property. Under
federal and state bankruptcy laws, people who file are able to exempt
certain property from liquidation. Under Indiana law, there are three
main exemptions: homestead exemption, personal property exemption and
general intangible exemption.
What is a Homestead Exemption?
Homestead exemptions protect a set amount of equity within one's home or
principal residence. An individual who files for bankruptcy is allowed
to exempt up to $22,750 of their exposed home equity.
Joint filers can exempt up to $45,500. Additionally, the interest that debtors have
in a real estate can be exempt under
Indiana Code Ann. § 34-55-10-2.
What is Considered a Personal Property Exemption?
Any personal property, including furniture, clothing, and automobiles,
can be considered a personal property exemption. If you are filing under
Chapter 7, you can be exempt up to $12,100 and up to $24,200 for joint filers in
nonresidential real estate or tangible property. Note that this exemption
applies to the value of the property, not what you paid.
At Jackson & Oglesby Law LLC, we consistently help clients understand
the details of the bankruptcy process, obtain debt relief, and keep the
assets that they can. Find out what you will be able to keep after bankruptcy by
contacting our firm.
Contact Jackson & Oglesby Law LLC today to schedule a FREE consultation!