Indiana, IN Bankruptcy Exemptions

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Indiana, IN Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOTAVAILABLE.
All law references are to Indiana Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

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Indiana Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD also see wild card	Real or personal property used as residence to $15,000	34-55-10-2
HOMESTEAD also see wild card	Property held as tenancy by the entirety may be exempt against debts incurred by only one spouse	34-55-10-2(c)
INSURANCE	Fraternal benefit society benefits	27-11-6-3
	Group life insurance policy	27-1-12-29
	Life insurance policy; proceeds, cash value or avails if beneficiary is insured’s spouse or dependent	27-1-12-14
	Life insurance proceeds if clause prohibits proceeds to used to pay beneficiary’s creditors	27-2-5-1
	Mutual life or accident proceeds	27-8-3-23
	An employer's life insurance policy on an employee.	27-1-12-17.1
MISCELLANEOUS	Property of business partnership	23-4-1-25
PENSIONS	Firefighters	36-8-7-22, 36-8-8-17
	Police officers	36-8-8-17 & 10-12-2-10
	Public employees	5-10.3-8-9
	Public or private retirement benefits	34-55-10-2
	Sheriffs (only benefits building up)	36-8-10-19
	State teachers	5-10.4-5-14
	Tax exempt retirement accounts. Traditional IRAs and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY also see wild card	Health aids	34-55-10-2
	Up to $300 of intangible personal property (except for money owed to you)	34-55-10-2
	Up to $8,000 of real estate or tangible personal property	34-55-10-2
	Medical savings account monies	34-55-10-2
PUBLIC BENEFITS	Crime victims’ compensation unless seeking to discharge debt for treatment of injury incurred during the crime	5-2-6.1-38
	Unemployment compensation	22-4-33-3
	Workers’ compensation	22-3-2-17
TOOLS OF TRADE	National guard uniforms, arms and equipment	10-16-10-3
WAGES	Either minimum of 75%° of earned but unpaid wages or 30 times the federal minimum hourly wage: whichever is greater. Judge may approve more for low-income debtors.	24-4.5-5-105

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