What Are the Indiana Bankruptcy Exemptions?

Filing for bankruptcy in Indiana can be overwhelming and often leave you uncertain of what assets are exempt from liquidation. Knowing the state's bankruptcy exemptions before filing, however, can give you a better understanding of what assets are allowed to keep during the process.

When it comes to Indiana bankruptcy exemptions, debtors may be able to protect their cash and most personal property up to certain monetary limits. This includes items such as homestead exemption up to $21,625; motor vehicle exemption up to $3,775; jewelry exemption up to $1,700; and tools of trade exemption up to $2,225. Debtors may also have access to wildcard exemptions that allow them additional protection for any asset not already covered by other exemptions.

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