Not usually. Home equity exemptions protect a portion of your property’s value. Many Indiana filers keep their homes, especially if they stay current on mortgage payments or use Chapter 13 to catch up on missed ones.
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What Property Can You Keep After Bankruptcy?
What Property Can You Keep After Bankruptcy?
When money gets tight, one worry tends to rise above the rest: “Will I lose my home, my car, or the things I’ve worked hard for?” It’s a fair question, and the answer surprises many people. Bankruptcy is built to give you a fresh start, not to strip you of everything you own. In fact, Indiana law lets you protect a good deal of your property through what are called exemptions.
At Whitten & Whitten, we hear many questions and concerns daily. Even though most people have heard the term bankruptcy before, many people don’t necessarily know and understand this complex subject’s intricate details. A common question we regularly deal with is: “What property can I keep after filing for bankruptcy?” This is a critical question, so let’s look for answers.
Who We Help
People come to us at different points in their financial journey, but many share the same concerns. We regularly work with individuals and families who are dealing with one or more of the following:
- Missed mortgage or vehicle payments that are putting a home, car, or other essential property at risk of foreclosure or repossession.
- Uncertainty about their assets, such as what could happen to a car, home equity, savings, personal belongings, or other property once they file.
- Complicated debt arrangements, like a car loan, mortgage, co-signed account, or shared debt that may need careful handling before any paperwork is filed.
- A need for a structured repayment plan that helps address what they owe while keeping property that could be at risk under a different option.
If any of these sound familiar, you are not alone, and you have options worth exploring. Our team will help you review your options and come up with a plan that works for you.
What Happens to My
Property in Bankruptcy
It’s important to note that according to Indiana law, anyone filing for bankruptcy must follow the state’s exemption laws, as Indiana has opted out of the federal bankruptcy exemptions. Several items in Indiana commonly fall under the state’s exemption laws, including, but not limited to:
- Residential or Homestead Property: This exemption allows you to protect a certain amount of the equity you already have in your home or residence. Up to $17,600 can be exempt in a residence for a single homeowner, or $35,200 can be exempt for married homeowners.
- Personal Property: Indiana residents can keep nonresidential tangible property valued at up to $9,350 per person. This allows you to keep the equity in your vehicle, furniture, clothes, jewelry, etc. when you choose Chapter 7 Bankruptcy.
- Intangible Property: Indiana law allows you to exempt and keep up to $350 of intangible property. This includes cash on hand, money in the bank when filing, security deposits, stocks, bonds, etc. You can also exempt any health aids, earned income tax credit, interest in a qualified retirement plan, or any funds in a medical savings account.
By knowing which assets are exempt, you can take steps to secure essential property and move toward a more stable financial future. Consulting with experienced bankruptcy professionals will help you assess your situation and guide you through the process.
Why Choose Whitten & Whitten
When you need to choose a law firm to help you through this difficult time, it’s important to turn to a team you can trust. Our team at Whitten & Whitten is dedicated to providing you with everything you need to regain your financial freedom. Here’s why Northwest Indiana residents choose us:
- Clear, plain-language guidance. We explain every step without burying you in legal jargon, and we answer your questions honestly.
- A judgment-free approach. Financial hardship happens to good, hardworking people. You will never feel talked down to here.
- Strategy built around your property. Before filing, we map out which exemptions apply so you understand what you can keep.
- Local knowledge. We handle bankruptcy matters throughout Indiana and know how our local courts and trustees operate.
When you’re ready to discuss your options, our team is ready to help. Call Whitten & Whitten today to schedule your consultation.
Don’t Lose Your Property in Bankruptcy
If you are thinking about filing for bankruptcy, or you already know that you need to file, please get in touch with us at Whitten & Whitten as soon as possible. You need to be aware of many essential aspects regarding bankruptcy, including what property you get to keep when you file. Don’t leave valuable possessions to chance. Contact us today and learn how we can help you save your property and get you through bankruptcy as financially sound as possible. Schedule an initial consultation with us and see how we can help.
FAQs About Keeping Property After Bankruptcy in Indiana
What Our Clients Say!
googleThis law firm is one of the best in Northwest Indiana that I had the privilege of doing business with. This firm was very helpful, supportive, and understanding in every way. They even helped finalize a couple of my family member’s cases as well. If you ever run into any financial issues, I strongly advise…
Avis R.
Angie, the receptionist, is amazing!! Amanda is wonderful, very helpful... Insightful, and knows what she's doing!! Thank you for making this process so smooth and easy!
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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing contact information, users acknowledge and give explicit consent to be contacted via the methods of communication provided, including SMS. Message and data rates may apply. Message frequency may vary. Reply STOP to opt out.
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