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    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.)
    www.BankruptcyForum.com

    #2
    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 )
    Last edited by LaProf; 04-01-2006, 10:39 AM.

    Comment


      #3
      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.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment


        #4
        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

        Comment


          #5
          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.
          Filed Ch 7 - 09/06
          Discharged - 12/2006
          Officially Declared No Asset - 03/2007
          Closed - 04/2007

          I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

          Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

          Comment


            #6
            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.

            Comment


              #7
              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.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

              Comment


                #8
                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!

                Comment


                  #9
                  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.
                  Filed Ch 7 - 09/06
                  Discharged - 12/2006
                  Officially Declared No Asset - 03/2007
                  Closed - 04/2007

                  I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                  Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                  Comment


                    #10
                    Indiana Exemptions

                    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.

                    Comment


                      #11
                      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. 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.
                      Filed Ch 7 - 09/06
                      Discharged - 12/2006
                      Officially Declared No Asset - 03/2007
                      Closed - 04/2007

                      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                      Comment


                        #12
                        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?

                        Comment


                          #13
                          No restrictions

                          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.
                          August '05 Business failed.
                          Spring '06 Found this site, thank heavens
                          Chap 7 (no asset) filed 11/10/06; 341:1/31/07
                          disharged 2/26; closed 4/17/07

                          Comment


                            #14
                            Indiana also...cash?

                            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?
                            Last edited by doc10house; 07-03-2006, 08:56 AM.

                            Comment


                              #15
                              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!
                              *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

                              My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

                              Comment

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