INDIANA BANKRUPTCY LAW
Indiana Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Indiana Bankruptcy Statistics: In 2009, in Indiana, 7,704 bankruptcies were filed. Business bankruptcies accounted for only 4.95% or 381 of all the filings, the other 7,323 were personal bankruptcies.
Indiana State Bankruptcy Exemptions
The home (“homestead”) is exempt for a value of up to $15,000.
Indiana recognizes a form of property ownership called a “tenancy by the entirety,” which is available only to married couples. If a married couple owns their home as a tenancy by the entirety, than the entire home may be exempt in bankruptcy if the debt is incurred by only one spouse.
The following personal properties are entirely exempt when filing bankruptcy in Indiana:
The following insurance benefits are exempt when filing bankruptcy in Indiana:
In an Indiana Bankruptcy, federal pension exemptions apply.
The following individuals’ pensions are exempt when filing for bankruptcy in Indiana:
Public and private retirement benefits and contributions are entirely exempt.
The following public benefits are exempt when filing for bankruptcy in Indiana:
If the debtor is a partner in a business, the property owned by the business is exempt when the debtor files bankruptcy in Indiana.
Tools of the Trade
Members of the National Guard may exempt arms, equipment and uniforms.
Unpaid wages are exempt at 75% of the disposable income or 30 times the federal minimum wage, whichever is greater. A judge has the discretion to allow a large exemption for a low income debtor.
Real or tangible personal property may be exempt for an additional $8,000.
Federal Bankruptcy Exemptions: No
Indiana Bankruptcy Courts:
United States Bankruptcy Court in the Northern District of Indiana has jurisdiction in the following counties: Adams, Allen, Benton, Blackford, Carroll, Cass, De Kalb, Elkhart, Fulton, Grant, Huntington, Jasper, Jay, Kosciusko, La Porte, Lagrange, Lake, Marshall, Miami, Newton, Nobel, Porter, Pulaski, Starke, Steuben, St. Joseph, Tippecanoe, Wabash, Warren, Wells, White, Whitley.
United States Bankruptcy Court in the Southern District of Indiana has jurisdiction in the following counties: Bartholomew, Boone, Brown, Clark, Clay, Clinton, Crawford, Davies, Dearborn, Decatur, Delaware, Dubois, Fayette, Floyd, Fountain, Franklin, Green, Gibson, Hamilton, Hancock, Harrison, Howard, Jackson, Jefferson, Jennings, Knox, Lawrence, Madison, Marion, Martin, Monroe, Montgomery, Morgan, Ohio, Orange, Owen, Parke, Perry, Pike, Posey, Putnam, Randolph, Ripley, Rush, Scott, Shelby, Spencer, Sullivan, Switzerland, Tipton, Union, Vanderburgh, Vermillion, Vigo, Warrick, Washington, Wayne.