The Indiana bankruptcy laws allow you to use federal supplemental exemptions in conjunction with the Indiana specific exemptions. The Indiana bankruptcy courts are located in eight places under two sections as Indiana Southern District Court and Indiana Northern District Court. The bankruptcy code is same in all the states, but the way the various bankruptcy laws have been in interpreted in Indiana, differentiates it from those applied in other states of America.
Properties Exempted Under The Indiana Bankruptcy Laws
The main difference in the bankruptcy laws specific to Indiana lies in the ways that describe the properties allowed to be exempted for the person declared as bankrupt, by the Indiana bankruptcy court. Following properties are allowed to be exempted under the Indiana bankruptcy laws.
•Homestead exemptions are allowed for up to the amount of seventy-five hundred dollars. The properties included in this section are – real properties and any other personal property that you are using as a residence.
•Pension funds are allowed to be exempted for the following individuals:
◦Public employees
◦Police officers
◦Firefighters
◦State teachers
◦Sheriffs
•Tools of trade that are exempted under the Indiana bankruptcy laws include arms and equipment and National Guard uniforms.
•You can also use any intangible personal property up to the value of hundred dollars.
•Exemptible public benefits include workers’ compensation, unemployment compensation and crime victims’ compensation.
•Wild card exemptions under the Indiana bankruptcy laws include any real estate or tangible personal property up to the amount of four thousand dollars.
•Any earned but unpaid wages are also allowed to be exempted under the Indiana bankruptcy laws, but only at the rate of 75 cents per dollar.
•Under the insurance exemptions, you are allowed to exempt fraternal benefit and society benefits, proceeds and policy of group life insurance, etc.
•Mutual life or accident proceeds are also allowed to be exempted under the Indiana bankruptcy laws.