This is a question that many people have and for obvious reasons. You are facing financial difficulty, but you still need your car to get to and from work and it would be nice to hang onto a few things.
Don't worry, the Bankruptcy laws allow you to keep a portion of your property. These are referred to as "exemptions" and each state gets to set their own limits, and they do vary change from time to time. Currently, the following exemptions are allowed in a Bankruptcy case filed in Indiana:
$350 (for single) and $700 (for joint filing) intangible personal property. Think of this as the cash you have on hand, in a checking or savings account, or under the mattress. The amount is looked at from the day you file a Bankruptcy Petition.
One common exemption people have heard about is what is referred to as the "Wild Card." The exemption allowed is $9,350.00 for an individual. If you and your spouse are filing then you can claim $18,700.00 in exemptions. The technical term for the "wild card" is the "tangible exemption." This is property that you own, not including real estate. Think of this as things such as your car, jewelry, furniture, guns, etc.
Finally, if you own a home, Indiana allows for a "homestead exemption" of up to $17,600 for an individual filer and $35,200 for couples filing together.
This is a quick overview to just show you that Bankruptcy doesn't require you to give up everything that you owe. You will be able to keep some of the items that you own, while at the same time get a fresh start! Contact a Bankruptcy Attorney today to see what legal options you have.
The Law Office of Jeffery M. Haupt is located in South Bend, Indiana and helps people file for Bankruptcy. I am a debt relief agency. The information in this blog should only be used for educational purposes and not be construed as legal advice. Nothing in this blog creates an attorney-client relationship between me and any readers of this blog. No attorney-client relationship is created until you have a document from me saying so.
