Indiana Bankruptcy Exemptions
The chart below contains a summary of Indiana state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Indiana bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Indiana Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Indiana Homestead||Real or personal property used as residence to $15,000. Note: Property held as tenancy by the entirety may be exempt against debts incurred by only one spouse.||34-55-10-2(c)(1); 34-55-10-2(c)(5); 32-17-3-1|
|Wages||Minimum 75% of earned but unpaid weekly disposable earnings, or 30 times the Federal hourly minimum wage. Bankruptcy judge may authorize more for low-income debtors||24-4.5-5-105|
|Other property||Group life insurance policy||21-1-12-29|
|$300 of any intangible personal property (except money owed to debtor)||34-55-10-2(c)(3)|
|National Guard uniforms, arms, and equipment||10-16-10-3|
|Wildcard||$8,000 of any real estate or tangible personal property||34-55-10-2(c)(2)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Indiana bankruptcy court statutes.