What are exemptions?

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) is fully exempt;
2. Real or personal property constituting the debtor’s primary residence is exempt up to $17,600.00 in equity ($35,200.00 for a married couple);
3. Personal property valued up to $9,350.00 is exempt ($18,700.00 for a married couple); and
4. Intangible assets up $350.00 are exempt ($700.00 for a married couple).

For more information about exemptions, please contact us.