Property Exemptions

Indiana Personal Bankruptcy Lawyers

You've probably pictured it in your head already: The large truck sitting in front of your home; the strangers walking through your front door empty-handed and walking out arms full; the bare floor staring back at you from where your bed used to be.

This is not what happens when you file for bankruptcy.

Don't let fear keep you from considering bankruptcy as a solution to financial problems. Contact our attorneys and get the information you need to make the right decision for you.

At Redman Ludwig, P.C., we have been helping businesses, families and individuals in Central Indiana find workable solutions to difficult financial problems for over 27 years. Because of that, we know you have questions not only about your house or your car, but also about the kinds of personal possessions and property that turn empty houses into homes and that make living more enjoyable.

Although the U.S. Bankruptcy Code applies to business and personal bankruptcy filers in all 50 states — each state compiles its own list of allowable property exemptions that filers can claim. In Indiana, the break down is as follows:

• Residence Equity — $15,000 for a single filer / $30,000 for married couples
• Personal Property and other real estate — $8,000 per person
• Cash/Savings/Intangible Assets — $300 per person
• Earned Income Credit (EIC) 401k accounts, and all ERISA qualified retirement accounts are completely protected, regardless of the value.

You may look at this list and say to yourself: "I was right about that truck." The thing to remember is that a figure like $8,000 only represents the book value of personal property — not the value it has to you. In most Chapter 7 and Chapter 13 bankruptcies, filers do not have any non-exempt personal property when all is said and done. It is not likely that you will either.

Central Indiana Bankruptcy Solutions — Toll Free (866) 755-0811

Protection from a creditor, foreclosure protection, and experienced help for finding a solution are not that far away.

Call our personal bankruptcy attorneys in Indianapolis directly or reach us online by completing the brief form located on the contact us page of this Web site. We offer reasonable payment plans and will deduct initial consultation costs from your fee should you decide to retain us.

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