♪ Bymaster Bankruptcy makes it easy to file bankruptcy ♪ Hi, I’m John Bymaster, attorney
of Bymaster’s Bankruptcy Law Offices And I’m Natalie Bymaster. And today we’d like to take about something
very common that’s asked at Bymaster Law Offices is can I keep everything when I file
bankruptcy? Well, that can be best answered by explaining Indiana’s bankruptcy exemptions: What can I keep? Will I lose anything with bankruptcy? That’s exactly what you can
look for studying Indiana’s bankruptcy exemptions. But before we tell you the amounts
for Indiana’s bankruptcy exemptions, let’s talk a little about what bankruptcy exemptions actually means. Bankruptcy exemptions just means
property that’s not counted for when filing bankruptcy. It’s totally yours no matter
what when the bankruptcy process happens. It’s sort of immune or protected from them from taking anything that you have. So the idea behind Indiana’s
bankruptcy exemptions is that you’re going to keep a few things such as your house, maybe your car, and a couple of other things, so you can have a fresh start. So, Indiana has three main categories
for its bankruptcy exemptions and if you have property these three main categories you can usually keep it as long as it’s below the number of the amount they set to each of those categories. Well, these amounts do change from time to time remember as we are filming this it’s the beginning of 2015, so you may want to ask for an update in the future. However, if bankruptcy exemptions in Indiana for change, they usually go up. Now, let’s go to the first main bankruptcy exemptions category for Indiana and that’s for residence. Residence is something like your house or a mobile home, the place that you live in.
In this category, you can keep $17,600 dollars per bankruptcy filer. In Indiana’s bankruptcy exemptions you can also keep up to $17,600 dollars in equity, your home can be paid in
full also, but remember, you can only keep up to a paid in full home of $17,600 dollars at least if you want to be fully protected by the bankruptcy exemption. Now, let’s
talk about Indiana’s second set of bankruptcy exemptions and I’ll let Natalie talk about
that. The second main category involves
personal property and real-estate that you’re not in. This is important in Indiana because you can exempt cars, house hold goods, and other personal property as long as they fall
under the Indiana exemption of $9,350 dollars. The third main bankruptcy exemption
in Indiana is for cash, cash accounts, or other amounts of money owed to you. Now, this is a very small bankruptcy exemption in Indiana, so you need to be careful when filing bankruptcy because it can’t keep a lot of cash or cash accounts. In Indiana this bankruptcy exemption is only $350 dollars. Now that we have talked about the three main bankruptcy exemptions,
it’s very important that we cover a few other things too. Number one, when a joint filer, that is a married couple files together, these exemptions double to $700 dollars, $18,700 dollars, and $35,200. When a couple files together, it can mean they can keep a lot
more property when they file for bankruptcy. The second thing that John and
I wanted to point out was that although we covered the three main categories of exemptions not all of Indiana’s exemptions have been explained here. There are additional exemptions for
your property in Indiana, such as for tax exempts, tax referred to retirement accounts where you usually can keep the entire account and other exemptions such as your social security matters. If you’d like some more information about Indiana bankruptcy exemptions feel free to give our office a free call where we can set you up for a consultation. Now lastly,
the thing we need to make sure you understand is that this video is for general information purposes only. We are not trying to give legal advice; legal advice can only be tailored
for specific situations. If you’d like legal advice, you can come to our office for a free consultation. If you’d like to contact us, you can contact us at 317-769-2244 or check us out on Bymasterbankruptcy.com. Well, I’m John Bymaster. And I’m Natalie Bymaster. And we’d like to thank you for
going through Indiana’s bankruptcy exemptions with us. We hope we can help you sometime in the future by watching some of our other videos or when you maybe come by our office. Until then. ♪ Bymaster Bankruptcy has everything! ♪