Property Exemptions in Bankruptcy
Our Lawyers Are Committed to Helping You Keep Your 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.
Contact Jackson & Oglesby Law LLC online or call
(888) 713-5148 for a free initial consultation. Flexible hours are available. Schedule
an appointment.
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.
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 $17,600 of their exposed home equity.
Joint filers can exempt up to $35,200. Additionally, the interest that debtors have
in a real estate can be exempt under
Indiana Code Ann. § 34-55-10-2.
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 $9,350 and up to $18,700 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.
Related Reading
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.
Call
(888) 713-5148 for a free case evaluation.
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