|
EXEMPTIONS OF ASSETS THAT CAN BE CLAIMED BY AN INDIANA RESIDENT
Indiana has opted out of the federal bankruptcy exemption scheme. Instead, the Indiana legislature has established property exemptions for individual debtors domiciled in Indiana by state statute. The list of exemptions is contained in Indiana Code Section 34-55-10-2 which provides, in relevant part, as follows:
Real estate or personal property constituting the personal or family residence of the debtor of not more than $15,000. The exemption is individually available to joint debtors concerning property held by them as tenants by the entirety. Furthermore, other real estate or tangible personal property of up to $8,000 per debtor may be exempt. Personal property includes, but is not limited to, the following:
- cash
- bank deposits
- jewelry
- firearms
- automobiles
- boats
- furnishing
Personal property which consists of professionally prescribed health aids for a debtor or a dependent of the debtor are exempt. There is no limitation on the value of the health aids, police pensions, and sheriff pensions. We strongly recommend you contact your attorney to determine whether your pension or profit sharing plan is covered by one of these exemptions.
All ERISA qualified plans including 401(k) plans are not considered property of the bankruptcy estate which means they cannot be liquidated by a bankruptcy trustee.
|
