In Indiana, there is a strict and limited exemption for the Cash that you can retain during bankruptcy. Indiana only allows $350 for this “Intangible” exemption for each filing party. “Intangible” means what cannot be touched (such as referring to cash where you can only touch the paper it is printed on instead of the [...]
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Chapter 7 in Indiana – Can Income Tax Debts, such as the IRS, be discharged in Bankruptcy?
Every other week, the same question comes up. Can Income Taxes be discharged in bankruptcy? It’s easiest to understand by going through 5 questions. Each question inquires into the exact nature of the income tax attempting to be discharged. If your tax can pass each qualifying question, your income tax debt will likely be dischargeable: [...]
The Fear of Losing Property in an Indiana Chapter 7 Bankruptcy
Practicing Bankruptcy in Indiana, we get the same questions about Chapter 7 all the time. Will someone try to take all of my stuff? Will I lose the house and the car? The answer is usually “NO” to these questions, but it is important to understand why. The reason why you can many times keep [...]
The End of the World
Is it the end of the world? It feels like it sometimes, doesn’t it? I was just reminded in a book I recently read that we as humans are almost entirely emotional instead of rational in our decisions and perception of life. As times continue to get tougher, an overcast of impending doom seems to [...]
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