Understanding What You Are Able to Keep in a Bankruptcy
Depending on how long you have lived in the state, a person filing for bankruptcy in Indiana will use either the state or federal property exemption guidelines. You must use one set or the other, you are not able to compile a list of exemptions that uses them both. The property exemptions determine which assets cannot be liquidated in a Chapter 7 bankruptcy.
Which set of bankruptcy exemptions you choose can greatly impact how much property you will be able to keep. At Walton Legal Services, our Indianapolis exempt property attorneys provide complete consumer bankruptcy services. We take the time to review your financial situation and fully explain your rights with regard to exempt property. In every case, it is our commitment to help you find the best possible debt relief solution for your needs.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Experienced Columbus Property Exemptions Attorney
According to Indiana law, there are three primary kinds of property exemptions: the homestead exemption, the personal property exemption and the general intangible exemption. Each exemption allows you to protect different types of property up to a certain value. If you are filing jointly with your spouse, those values are doubled.
These exemptions allow you to protect significant amounts of your property, including, but not limited to, the following:
- Equity in your home
- Car
- Home furnishings
- Jewelry
- Tools associated with your job
- Retirement accounts
Discuss Your Exempt Property Questions With One of Our Attorneys
If you are looking for an Indianapolis debt-relief lawyer to help you understand your rights with regard to exempt property in bankruptcy, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
We are a debt relief agency. We have helped more than 30,000 people file for bankruptcy relief under the Bankruptcy Code.
