Bankruptcy in Indiana

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If you are considering the declaration of bankruptcy in Indiana, then it is important that you understand the different exemptions available to you when you file under Chapter 7. Chapter 13 doesn't have these exemptions as it doesn't wipe away all of your past debts; instead, it is a method of working with your creditors to pay off your debts. Chapter 7 on the other hand, will wipe away most of your past debts. Certain property will be subject to claim by the creditors though, unless it is declared as an exemption. When you declare bankruptcy, you want to declare as much of your property as exempt as possible. Therefore, read over the following exemptions in Indiana.

The Homestead exemption

There is no question that your main worry when declaring bankruptcy in Indiana will be the possibility of losing your home. The good news is that as long as you have $7,500 equity in your home you have nothing to worry about. Of course, you will still have to continue making your payments. If you are a tenant by the entirety, then your property may be exempt that was only incurred by one spouse. Also, the homestead and personal property may not be over $10,000 unless there are medical aids involved.

If you may need legal assistance with a Bankruptcy matter , consult with a Bankruptcy Attorney in your area to receive a free case review.

Wages and Pension Exemptions

The exemptions for wages and pensions are similar when declaring bankruptcy in Indiana. When it comes to wages, you can rest assured that 75 per cent of all wages that you earned, but have not yet received, are an exemption. If you earn particularly low wages, then the judge may raise your exemption rate. Various payments from pensions are exempt from your creditors including pensions for firefighters, police officers, public employees, state teachers, sheriffs, as well as public and private retirement benefits.

Miscellaneous Exemptions

There are many other exemptions available to you when you file for Chapter 7 bankruptcy in Indiana. As a matter of fact, there are too many to be listed here, so be sure to meet with your attorney to make sure you have declared as many exemptions as possible. Here are some other exemptions in Indiana that are worth mentioning: insurance, property of business partnerships, health aids, public benefits, tools of your trade, and a wild card that constitutes $4,000 worth of personal property or real estate. Take note that the insurance exemptions include: life insurance, fraternal society benefits, as well as mutual life or accident proceeds.

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By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. You are not required to provide consent as a condition of service. Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

You should not send any sensitive or confidential information through this site. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties.

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