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What are exemptions?

July 5, 2013 by TomScottLaw

In a Chapter 7 bankruptcy, property that may be kept (which is exempt from liquidation) is called an exemption. In Indiana, the major exemptions are as follows:

  1. Retirement (in a qualified retirement account from the debtors’ pre-tax earnings) is fully exempt;
  2. Real or personal property constituting the debtor’s primary residence is exempt up to $22,750.00 in equity ($45,500.00 for a married couple);
  3. Personal property valued up to $12,100.00 is exempt ($24,200.00 for a married couple); and
  4. Intangible assets up $450.00 are exempt ($900.00 for a married couple).

For more information about exemptions, please contact us.

Filed Under: Personal Bankruptcy in Indiana, Questions About Bankruptcy

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