National Divorce & Bankruptcy Center
INDIANA Bankruptcy Property Exemptions:
What You Can Keep
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EXEMPT PROPERTY: The property you can keep after
bankruptcy.
Some property in many states is exempt regardless of
its value i.e. "all personal possessions". Many states also have a 'wild card'
exemption which can be applied to any type of property or split among several
different items.
An exemption limit means that any equity above the limit is
'non-exempt'. Equity is the difference between the value of the property
and what is owed on the property. For example, a car valued at $4000 with a lien
of $3500 has an equity value of only $500 subject to exemption.
To keep non-exempt property, a debtor must generally pay the trustee the
value of the non exempt property to be distributed to creditors.
Bankruptcy law allows married couples filing jointly to each claim a full set
of exemptions doubling the exemptions. Unless otherwise noted in the following
exemption list, married couples may double the exemption amount given.
Note: the value of property for bankruptcy exemption purposes has been
generally accepted to be the Garage sale value of the property
Indiana STATE EXEMPTIONS (for bankruptcy)
Indiana Revised Statutes
Federal exemptions are not available in Co.
Homestead
- Real property, mobile home or manufactured home (mobile or manufactured
home if loan incurred after 1.1.83) you occupy to $30,000; sale proceeds
exempt 1 year after received.
- Spouse or child of deceased owner may claim homestead exemption
- House trailer or coach used as residence to $3,500
- Mobile home used as residence to $6,000
Insurance:
-
- Disability proceeds to $200 per month; if receive lump sum, entire amount
exempt
- Fraternal benefit society benefits
- Life insurance avails to $5,000
- Group Life insurance proceeds or policy
- Homeowners' insurance proceeds for 1 year after received, to homestead
exemption amount
- Life insurance proceeds if clause prohibits proceeds from being used to
pay beneficiary's creditors
Miscellaneous
- Property of business partnership
Pensions
- ERISA qualified benefits including IRAs
- Firefighters
- Police officers
- Public employees
- Teachers
- Veterans
Personal Property
- Clothing to $750
- 1 Burial Plot per person
- Food and fuel to $300
- Health aids
- Household goods to $1,500
- Jewelry and articles of adornment to $500 total
- vehicles used for work to $1,000; to $3,000 to get medical care, if
elderly or disabled
- Personal injury recoveries, unless debt related to injury
- Pictures and books to $750
- Proceeds for damaged exempt property
- Security deposit
Public Benefits
- Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant
Children)
- Crime victims' compensation
- Veteran's benefits for veteran, spouse or child if veteran served in war
- Unemployment compensation
- Worker's Compensation
Tools of the Trade
- Horses, mules, wagons, carts, machinery, harness and tools of farmer to
$2,000 total
- Library of professional to $1,500 or stock in trade, supplies, fixtures,
machines, tools, maps, equipment and books to $1,500
- Livestock and poultry of farmer to $3,000
Wages
- Minimum of 75% of earned but unpaid wages, pension payments; bankruptcy
judge may authorize more for low income debtors
Wild Card
Non-Bankruptcy Federal Exemptions are available to those
claiming state exemptions in addition to the exemptions of their state.
Return to State Exemptions
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