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What Property Can You Keep After Bankruptcy?

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What Property Can You Keep After Bankruptcy?

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.

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.
Don’t LoseDon’t 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. Just click here to schedule an initial consultation with us online, or call us today at 219-756-0555.

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