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 property in Chapter 7 is because it is protected by the Indiana Bankruptcy Exemptions.
“Exempt” property is not subject to the bankruptcy and is protected from being taken in order to help you get a fresh start. Some examples Indiana exempt property are below:
You can keep up to $17,600 in equity for your residence (per filing party).
You can keep up to $9350 in cars and personal property (per filing party).
You can only keep $350 in cash or various accounts (per filing party- NOTE HOW SMALL THIS AMOUNT IS!)
These Indiana Bankruptcy exemptions allow our clients many times to protect most if not all of their property when filing Chapter 7. But, many types of property are NOT exempt in Chapter 7 Bankruptcy in Indiana. Seek the counsel of an experienced bankruptcy attorney to ensure that you fully understand what types of property are protected in an Indiana bankruptcy.
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