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.

 

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*Disclosure required by 11 U.S.C. § 528(a)(3): We, the law office of Tom Scott & Associates, P.C., are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.