Indiana has opted out of the federal exemption system, and so only state bankruptcy exemptions can be used. Many of the Indiana exemptions are listed below. The figures listed may be higher for married couples.
• Homestead (equity in dwelling used as residence)
– Up to $17,600
• Personal property
– $350 of intangible personal property
– Health aids
• Wages and cash
– 75% of wages; may be higher for low-income people
– Earned income tax credit
– Fraternal benefit society benefits
– Life insurance policies with beneficiary spouse, children, or creditor
– Group insurance
• Pensions and retirement
– Pensions for public employees, teachers, police/sheriffs, firefighters
– Retirement plans
• Public benefits
– Workers compensation
– Crime victims’ compensation
– Public assistance
– Social security
– Veteran’s benefits
• Alimony and child support
– Amount reasonably necessary for support of debtor and dependents
– Education savings plan
– Medical savings account
– Debtor’s interest in a credit or refund
– Up to $9,350 in personal property
How Does the Wildcard Exemption Work?
The wildcard exemption can be used by the debtor to save any property, including property not covered by the other exemptions. The catch is that the debtor can only save up to $9,350.
Do I Need a Bankruptcy Lawyer?
If you are filing for bankruptcy in Indiana, it is important to make sure that it is filed correctly and in compliance with state laws. A bankruptcy lawyer can help you make sure that you claim all of the appropriate exemptions, and help you protect your property by avoiding filing mistakes.