Source: https://www.nolo.com/legal-encyclopedia/indiana-bankruptcy-exemptions.html
Timestamp: 2019-04-21 19:15:58+00:00

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Indiana's bankruptcy exemptions can help you keep property when you file for bankruptcy. Learn what property is exempted.
If you file for bankruptcy in Indiana, you can protect property with Indiana’ bankruptcy exemptions. Many people can exempt everything they own, but not always. What will happen to nonexempt property will depend on the bankruptcy chapter filed.
Not sure which chapter to file? Start by reading When Chapter 7 Bankruptcy Is Better than Chapter 13 Bankruptcy.
Certain states offer you a choice between state exemptions and the federal bankruptcy exemption system, but Indiana isn’t one of them. In Indiana, you must use state exemptions. If helpful, you can use the federal nonbankruptcy exemptions, too.
Married couples filing together in a joint bankruptcy get a bonus. Indiana allows a couple to double the exemption amount if both spouses have an ownership interest in the property.
Learn more about how bankruptcy exemptions work.
Unless otherwise noted, all law references are to the Indiana Code which you’ll find on the Indiana General Assembly website.
The homestead exemption protects a certain amount of equity in your home or principal residence. A debtor can exempt up to $19,300 in real estate or personal property used as a residence. In addition, any interest that debtor has in a real estate held as a tenant by the entirety is exempt (unless both owners file for bankruptcy). Ind. Code § 34-55-10-2(c)(1); 11 USC § 522(b)(3)(B).
Indiana does not have a specific motor vehicle exemption, but you can use Indiana's wildcard exemption to protect equity in your car, truck, van, or another vehicle.
You can protect any nonresidential real estate or tangible property of your choosing up to a value of $10,250. Ind. Code § 34-55-10-2(c)(2).
All fraternal benefit society benefits are 100% exempt. Ind. Code § 27-11-6-3.
Life insurance policies that name the insured spouse, children, dependent relatives, or any creditor as a beneficiary and the proceeds of such policies are exempt from claims against the insured and the insured’s spouse; life insurance, mutual life, and accident insurance proceeds, including group policies, are exempt. Ind. Code §§ 27-1-12-14; 27-1-12-29, 27-2-5-1; 27-8-3-23.
Interest in specific partnership property is exempt. Ind. Code § 23-4-1-25.
Certain pension benefits for public employees are exempt. Ind. Code § 5-10.3-8-9. Benefit plans for legislators and retirement benefits for teachers are also exempt. Ind. Code §§ 2-3.5-4-11; 2-3.5-5-9; 5-10.3-8-9; 5-10.4-5-14.
Pension fund for firefighters and police. Ind. Code §§ 36-8-7.5-19; 36-8-7.5-22.
Tax-exempt retirement plans are exempt in every state per federal law, regardless of the exemption scheme used. For current amounts, see Your Retirement Plan in Bankruptcy.
intangible personal property up to $400. Ind. Code § 34-55-10-2.
all health aids. Ind. Code § 34-55-10-2.
any interest in a qualified retirement plan. Ind. Code § 34-55-10-2.
a debtor’s interest in a refund or earned income credit for exempt bankruptcy property. Ind. Code § 34-55-10-2.
education savings account (529 and Coverdell) contributions made more than two years prior to filing; contributions made more than one but less than two years prior to filing to $5,000; no exemption for contributions made less than one year prior to filing. Ind. Code § 34-55-10-2(c )(9), (10).
earned income tax credit. Ind. Code Ann. § 34-55-10-2(c)(11).
money in a medical or health savings account. Ind. Code § 6-8-11-19.
a spendthrift trust. Ind. Code § 30-4-3-2.
military uniforms, equipment, and guns. Ind. Code § 10-16-10-1.
Unemployment compensation benefits are 100% exempt. Ind. Code § 22-4-33-3.
The lesser of 75% of earned but unpaid wages or 30 times the Federal minimum wage. Ind. Code § 24-4.5-5-105.
All workers’ compensation is 100% exempt except for child support claims. Ind. Code § 22-3-2-17.
Indiana’s exemption amounts are adjusted periodically and could have changed since the last update of this article. It’s important to be sure you have the most recent figures by checking the Indiana General Assembly or consulting with a local bankruptcy lawyer.
Get detailed information about filing for bankruptcy in Indiana.

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