Indiana Bankruptcy Exemptions 2020

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Written by Upsolve Team.  
Updated July 3, 2020

Summary

It's important to understand what the exemptions for Indiana are and how they're most often used in a bankruptcy case.

How Do Exemptions Work?

When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.

That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.

Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.

If you're looking for a deep understanding of bankruptcy exemptions, read this article.

Does Indiana allow federal exemptions?

Indiana does not recognize the federal exemptions.

Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.

Indiana Exemptions

11 U.S.C. § 522(b)(3)(C)

Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.

5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)

Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 10-16-10-3

Most people use Ind. Code Ann. § 10-16-10-3 to cover military equipment. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 22-3-2-17

Most people use Ind. Code Ann. § 22-3-2-17 to cover workers' compensation. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 22-4-33-3

Most people use Ind. Code Ann. § 22-4-33-3 to cover unemployment compensation. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 23-4-1-25

Most people use Ind. Code Ann. § 23-4-1-25 to cover partnerships. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 24-4.5-5-105

Most people use Ind. Code Ann. § 24-4.5-5-105 to cover unpaid wages -75% or 30 times the federal hourly minimum wage. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-1-12-14

Most people use Ind. Code Ann. § 27-1-12-14 to cover life insurance (spouse). For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-1-12-17.1(f)

Most people use Ind. Code Ann. § 27-1-12-17.1(f) to cover employer's life insurance. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-1-12-29

Most people use Ind. Code Ann. § 27-1-12-29 to cover life insurance (group). For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-11-6-3

Most people use Ind. Code Ann. § 27-11-6-3 to cover fraternal benefit. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-1-12-14

Most people use Ind. Code Ann. § 27-1-12-14 to cover life insurance (if clause prohibits). For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 27-8-3-23

Most people use Ind. Code Ann. § 27-8-3-23 to cover mutual life and accident. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 30-4-3-2

Most people use Ind. Code Ann. § 30-4-3-2 to cover spendthrift trusts. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(11)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(11) to cover earned income tax credit. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(12)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(12) to cover veterans' benefit. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(13)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(13) to cover supplemental state fair relief. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(3)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(3) to cover cash. deposits of money. bonds, mutual funds, or publicly traded stocks. non-publicly traded stock and interests in businesses. government and corporate bonds. security deposits and prepayments. annuities. other trusts, equitable or future interests in property and rights or powers exercisable for your benefit. patents, copyrights, trademarks, trade secrets, and other intellectual property. intangible personal property. tax refunds owed to you. family support. interests in insurance policies. any interest in property that is due you from someone who has died. claims against third parties, whether or not you have filed a lawsuit or made a demand for payment. other contingent and unliquidated claims of every nature, including counterclaims of the debtor and rights. to set off claims". any financial assets you did not already list. accounts receivable or commissions you already earned. customer lists, mailing lists, or other compilations.. For single debtors filing, it has a coverage limit of $400.

Ind. Code Ann. § 34-55-10-2 (c)(4)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(4) to cover health aids. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(6)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(6) to cover ira. public or private retirement benefits. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(7); Ind. Code Ann. § 34-55-10-2 (c)(8)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(7); Ind. Code Ann. § 34-55-10-2 (c)(8) to cover savings accounts (health). For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(9); Ind. Code Ann. § 34-55-10-2 (c)(10)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(9); Ind. Code Ann. § 34-55-10-2 (c)(10) to cover education savings accounts. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2(c)(9)

Most people use Ind. Code Ann. § 34-55-10-2(c)(9) to cover tuition programs. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 36-7-18-34

Most people use Ind. Code Ann. § 36-7-18-34 to cover real property of housing authority. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 36-8-10-19

Most people use Ind. Code Ann. § 36-8-10-19 to cover sheriffs' pensions. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 36-8-7-22; Ind. Code Ann. § 36-8-8-17

Most people use Ind. Code Ann. § 36-8-7-22; Ind. Code Ann. § 36-8-8-17 to cover firefighters pensions. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 36-8-8-17; Ind. Code Ann. § 10-12-2-10

Most people use Ind. Code Ann. § 36-8-8-17; Ind. Code Ann. § 10-12-2-10 to cover police pensions. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 5-10.3-8-9

Most people use Ind. Code Ann. § 5-10.3-8-9 to cover public employees. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 5-10.4-5-14

Most people use Ind. Code Ann. § 5-10.4-5-14 to cover state teachers. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 5-2-6.1-38

Most people use Ind. Code Ann. § 5-2-6.1-38 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.

Ind. Code Ann. § 34-55-10-2 (c)(2)

Most people use Ind. Code Ann. § 34-55-10-2 (c)(2) to cover wildcard. For single debtors filing, it has a coverage limit of $10,250.

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