What Property Can You Keep After 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.