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:
- Retirement (in a qualified retirement account from the debtors’ pre-tax earnings) is fully exempt;
- 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);
- Personal property valued up to $12,100.00 is exempt ($24,200.00 for a married couple); and
- Intangible assets up $450.00 are exempt ($900.00 for a married couple).
For more information about exemptions, please contact us.