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Property Exemptions in Bankruptcy

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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.

General Intangible Exemption

General intangible exemption is worth up to $350 in intangible personal property and up to $700 for joint filers.

Other assets protected in bankruptcy include:

  • Money in savings accounts, checking accounts, and on hand is all included in this exemption along with what is kept in an IRA or 401(k) plan
  • Money in a medical or health savings account
  • Refund or earned income tax credit
  • Health aids
  • Education or college savings - contributions made more than two years before filing
  • Unemployment compensation benefits
  • Workers' compensation - except for child support claims

In order to qualify, you will have to show that you lived in Indiana for the majority of the past two years. You can use the federal bankruptcy exemptions if you do not qualify.

Legal Guidance in Indianapolis, Greenwood & Muncie

It is essential to work with an attorney at our firm who understands the issues that you will likely face. At Jackson & Oglesby Law LLC, we offer free bankruptcy evaluations to discuss what type of bankruptcy is most efficient for you. For your convenience, evening appointments are available. Our Indianapolis bankruptcy attorneys can help with exempt property cases and will meet personally with each client to discuss their unique financial circumstances.
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