Indiana

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. Indiana permits every judgment debtor domiciled in the state exemption of real and personal property constituting:

the personal or family residence an amount up to $7,500.00 in value.
Some other exemptions may include other real or tangible personal property up to $4,000.00,
intangible personal property up to $100.00,
professionally prescribed health aids, interest in retirement plan and medical care savings accounts. (Indiana Code 34-2-28-1.)

As of July, 2005, new exemptions: $15,000 homestead
$ 8,000 wildcard
$ 300 cash
Partnership assets protected still as are retirement and med saving plans;
CANNOT use federal exemptions instead of state.
(Indiana Code 34-55-10 )

Also, just wanted to add,...........

The $8000 can be used anyway you want on whatever you want. Household, vehicles, whatever. It's not exclusive as in so much for household and so much for vehicles. If a single filer uses $1K for household, they have $7K left over for their car and any other assets they wish to exempt. And the amounts are double if a couple files jointly.

The $300 is both cash on hand and money in bank accounts, and stocks and securities, also I think. The attny mentioned something like stocks/securities but it wasn't of interest to us since we don't have any. AND,........ They had us physically empty our pockets (wallet/purse) onto the table to see how much money we had right then and there.

Sinking,

I cannot believe that you had to empty out your purse. That is insane! By the way, are you in Lafayette? We just relo'd back to Indiana (where we went to college) and are living in Indy. I am really wishing for the warm weather of georgia I have to follow the bankrupcy exemptions for Georgia since have been here a short time

We didn't have to empty out, but it was the only way to answer her question.

She asked, "How much money do you physically have on you at this very moment?"

We both dug around because neither one of us really knew. I hardly ever carry much if any cash. I was surprised I had $9. Hubby had $32, I believe it was, in his wallet. We both said we had "pocket change" as well. So the paralegal wrote down $45 for cash on hand.

It's directly related to the Indiana exemptions. Indiana has that cash limited exemption and they do it with Indiana filers.

Yep, we're close to Lafayette. Outside of city limits tho for kids to go to County schools. Good guess.

Sinking,

I would have guessed that the Lafayette economy was good. There is still alot of manufacturing up there. I think (if I remember correctly) that you all just got another automotive plant or announcement of one. I am currently living in Hamilton county. I still miss Georgia and the southeast. Plan to head back there after I finish college....again. Under Sonny Perdue's plan, high school kids get free college with the hope scholarship. My oldest son is 11 but I need to get back there so he can graduate and go to college. I figure I have paid enough in taxes over the years anyway.

The economy is fairly good. Very low unemployment. Basically if you want a job, and you aren't picky, you can get work. Good jobs are tougher tho.

The housing market it terrible. TONS of new construction. In a "metro" area this size, there are over 2200 houses for sale. That's something like one house for every 20 people on the market??!! Lots of people can't sell for what they paid if they haven't owned long. Much of the new construction is shoddy.

We decided before we moved here we wouldn't buy a house until this market stabilized. There's nothing to make it worthwhile at all. Except we wouldn't have a crappy landlord.

2200 houses for sale...yikes...that is far too many. Shoddy workmanship everywhere. These houses will not hold up. My case is a prime example in Atlanta. (we have only been in IN about 4 months now) Also, the housing is out of control in Fishers, Carmel, Noblesville ect. The houses all look the same and people will only buy new. My atty told me that. He said if you have to sell one of these god help you. I don't know what they are advertising up in Lafayette, but here they advertise 130k then with all the upgrades people spend about 200k. They are not worth it. They sucker the first time buyers in. You know they walk in and see the "wow" factor and then they want the model home, and it has every upgrade in it. And of course, they sign away. My atty said then in about a year its in foreclosure. Market here is terrible. Job market does not appear to be much better. I look at the paper and all I see are healthcare related jobs. This is why I am going back to school. Not gonna work for peanuts!

Debt,............... You said something very important there!! You've only been in the State 4 months. I think, if you file rather quickly, you'd get to use Federal Exemptions. That's what Titan's attny did.

We used to live right up the road from you years ago. Up 69 outside of Anderson.

So, I'm married with kids and have been out of Indiana for 1 year. I'm thinking of filing Ch7 or 13 in a few months and am starting to get things lined up. I guess since I've been in Colorado for less than 730 days, I'll be using Indiana's exemption schedule...Does this mean I can exempt 16k any way I want?? I'd like to make things easy on the kids as possible so I would exempt bikes, sports equipment, and the piano. Am I reading the exemption law correct with this "Wildcard" catagory??

Thanks.

Our attny told us just to inventory what was in the the "common use" areas of the house, and our bedroom. The kids' rooms and things were just that. The kids'. If we were using Federal Exemptions, we'd have to inventory the WHOLE house, kids' things and all.

But now you gotta remember, that's an Indiana attny talking there, er,... uhm,.... here. :D You're gonna be using a Colorado attny applying IN Exemptions. Attnys may do things differently in Colorado. So you'll just have to ask about that as you do Consults.

More on the Wildcard thing for Indiana... My wife plays the cello, not professionally or anything...just as a hobby. The way I read it I could include this on the "Wildcard" exemption as long as I don't exceed any total exemptions. Am I engaging in more wishful thinking (a common malady for pre-bk filers), or is this how it goes. Anyone have any experience with this? Does wildcard just mean an envelope of car equity, pots & pans, refrigerator, TV, etc...Can I throw any "fun" stuff in the Wildcard pot?

I was able to include my piano in the wild card. If I had been a professional musician or even a music teacher, it would have been "tools of the trade." There was some discussion of where to put my computer (as a teacher I use it extensively, but no longer have an an active consulting business), but I was able to just fit it in under my $8000 exemption umbrella.

I'm confused. I lost a great job, and am unfortunately unlikely to get another that pays well enough to be consequential.

In large part thanks to advice from this site, I got an apartment (and out of my crazy expensive house) prior to filing. We'll prepay the apt. for a while, both because no job and so we don't have a pile of cash in the bank.

BUT...

Are you telling me that if I haven't got any income right now, they'll take the extra cash I'm saving for electric and phone and food and such (for until I get a job)? I'm incredibly confused.

Or do I need to prepay the rent to get rid of that bank balance, and count on my wife's (meager) paycheck to pay those other things until I find work?

And...

Is prepayment of a lease money the creditors can try and get back following a 7 filing?

This is why it's important to time the filing of your BK papers. I get paid once a month. At the end of the month, my checking account is drained (and there is no savings). I will file right before payday to ensure no cash lying around for the trustees.

I'm not sure how all the pre-payment would be viewed by a trustee. But I'm sure someone else on the boards will have recommendations for you--might be a little slow for an answer due to the holiday.

If you're lease required first/last month rent and deposit, I don't see how they could touch any of that.

Have you had any free consultations with lawyers?

Hang in there!

Updated IN BK Exemptions:

IC 34-55-10
Chapter 10. Sales and Execution of Real Estate: Exemptions

IC 34-55-10-1
Bankruptcy exemptions
Sec. 1. In accordance with Section 522(b) of the Bankruptcy Code of 1978 (11 U.S.C. 522(b)), in any bankruptcy proceeding, an individual debtor domiciled in Indiana is not entitled to the federal exemptions as provided by Section 522(d) of the Bankruptcy Code of 1978 (11 U.S.C. 522(d)).
As added by P.L.1-1998, SEC.51. Amended by P.L.179-2005, SEC.9.

IC 34-55-10-2
List of exemptions; limitations
Sec. 2. (a) This section does not apply to judgments obtained before October 1, 1977.
(b) The amount of each exemption under subsection (c) applies until a rule is adopted by the department of financial institutions under section 2.5 of this chapter.
(c) The following property of a debtor domiciled in Indiana is exempt:
(1) Real estate or personal property constituting the personal or family residence of the debtor or a dependent of the debtor, or estates or rights in that real estate or personal property, of not more than fifteen thousand dollars ($15,000). The exemption under this subdivision is individually available to joint debtors concerning property held by them as tenants by the entireties.
(2) Other real estate or tangible personal property of eight thousand dollars ($8,000).
(3) Intangible personal property, including choses in action, deposit accounts, and cash (but excluding debts owing and income owing), of three hundred dollars ($300).
(4) Professionally prescribed health aids for the debtor or a dependent of the debtor.
(5) Any interest that the debtor has in real estate held as a tenant by the entireties. The exemption under this subdivision does not apply to a debt for which the debtor and the debtor's spouse are jointly liable.
(6) An interest, whether vested or not, that the debtor has in a retirement plan or fund to the extent of:
(A) contributions, or portions of contributions, that were made to the retirement plan or fund by or on behalf of the debtor or the debtor's spouse:
(i) which were not subject to federal income taxation to the debtor at the time of the contribution; or
(ii) which are made to an individual retirement account in the manner prescribed by Section 408A of the Internal Revenue Code of 1986;
(B) earnings on contributions made under clause (A) that are not subject to federal income taxation at the time of the levy;

and
(C) roll-overs of contributions made under clause (A) that are not subject to federal income taxation at the time of the levy.
(7) Money that is in a medical care savings account established under IC 6-8-11.
(8) Any interest the debtor has in a qualified tuition program, as defined in Section 529(b) of the Internal Revenue Code of 1986, but only to the extent funds in the program are not attributable to:
(A) excess contributions, as described in Section 529(b)(6) of the Internal Revenue Code of 1986, and earnings on the excess contributions;
(B) contributions made by the debtor within one (1) year before the date of the levy or the date a bankruptcy petition is filed by or against the debtor, and earnings on the contributions; or
(C) the excess over five thousand dollars ($5,000) of aggregate contributions made by the debtor for all programs under this subdivision and education savings accounts under subdivision (9) having the same designated beneficiary:
(i) not later than one (1) year before; and
(ii) not earlier than two (2) years before;
the date of the levy or the date a bankruptcy petition is filed by or against the debtor, and earnings on the aggregate contributions.
(9) Any interest the debtor has in an education savings account, as defined in Section 530(b) of the Internal Revenue Code of 1986, but only to the extent funds in the account are not attributable to:
(A) excess contributions, as described in Section 4973(e) of the Internal Revenue Code of 1986, and earnings on the excess contributions;
(B) contributions made by the debtor within one (1) year before the date of the levy or the date a bankruptcy petition is filed by or against the debtor, and earnings on the contributions; or
(C) the excess over five thousand dollars ($5,000) of aggregate contributions made by the debtor for all accounts under this subdivision and qualified tuition programs under subdivision (8) having the same designated beneficiary:
(i) not later than one (1) year before; and
(ii) not earlier than two (2) years before;
the date of the levy or the date a bankruptcy petition is filed by or against the debtor, and earnings on the excess contributions.
(10) The debtor's interest in a refund or a credit received or to be received under section 32 of the Internal Revenue Code of 1986.
(d) A bankruptcy proceeding that results in the ownership by the

bankruptcy estate of a debtor's interest in property held in a tenancy by the entireties does not result in a severance of the tenancy by the entireties.
(e) Real estate or personal property upon which a debtor has voluntarily granted a lien is not, to the extent of the balance due on the debt secured by the lien:
(1) subject to this chapter; or
(2) exempt from levy or sale on execution or any other final process from a court.
As added by P.L.1-1998, SEC.51. Amended by P.L.179-2005, SEC.10.

Courtesy of HHM's link:

http://www.ai.org/legislative/ic/code/title34/ar55/ch10.html

(10) The debtor's interest in a refund or a credit received or to be received under section 32 of the Internal Revenue Code of 1986.

Note on above exemptions: This set up the earned income credit. In Indiana it is considered exempt if it is part of the income you receive during the year as advance EIC or is part of your refund check.