Indiana’s largest economic driver is manufacturing and, since 1975, it has been the largest steel producer in the country. Health Care, retail trade and education are key industries in the state. Growth in future economic prospects for Indiana outpaces the U.S. average over the next ten years.
Location of Indiana Bankruptcy Courts:
352 Federal Building
101 Northwest MLK Blvd.
Evansville, IN 47708
116 U.S. Courthouse
46 E. Ohio StIndianapolis, IN 46204
110 U.S. Courthouse
121 W. Spring Street
New Albany, IN 47150
921 Ohio St
Terra Haute, IN 47807
401 S. Michigan St
South Bend, IN 46601
1300 S. Harrison St
Fort Wayne, IN 46802-3435z
5400 Federal Plaza
Hammond, In 46320
230 N. 4th St
Lafyette, IN 47901
Indiana Bankruptcy Exemptions:
Indiana Homestead Exemption
The homestead exemption protects a certain amount of equity in your home or principal residence. A debtor can exempt up to $19,300 in real estate or personal property used as a residence. In addition, any interest that debtor has in a real estate held as a tenant by the entirety is exempt (unless both owners file for bankruptcy). Ind. Code § 34-55-10-2(c)(1); 11 USC § 522(b)(3)(B).
Indiana Motor Vehicle Exemption
Indiana does not have a specific motor vehicle exemption, but you can use Indiana’s wildcard exemption to protect equity in your car, truck, van, or another vehicle.
Indiana Wildcard Exemption
You can protect any nonresidential real estate or tangible property of your choosing up to a value of $10,250. Ind. Code § 34-55-10-2(c)(2).
Other Indiana Exemptions
All fraternal benefit society benefits are 100% exempt. Ind. Code § 27-11-6-3.
Life insurance policies that name the insured spouse, children, dependent relatives, or any creditor as a beneficiary and the proceeds of such policies are exempt from claims against the insured and the insured’s spouse; life insurance, mutual life, and accident insurance proceeds, including group policies, are exempt. Ind. Code §§ 27-1-12-14; 27-1-12-29, 27-2-5-1; 27-8-3-23.
Interest in specific partnership property is exempt. Ind. Code § 23-4-1-25.
Pension and Retirement Benefits
Certain pension benefits for public employees are exempt. Ind. Code § 5-10.3-8-9. Benefit plans for legislators and retirement benefits for teachers are also exempt. Ind. Code §§ 2-3.5-4-11; 2-3.5-5-9; 5-10.3-8-9; 5-10.4-5-14.
Pension fund for firefighters and police. Ind. Code §§ 36-8-7.5-19; 36-8-7.5-22.
Tax-exempt retirement plans are exempt in every state per federal law, regardless of the exemption scheme used. For current amounts, see Your Retirement Plan in Bankruptcy.
You can exempt the following personal property:
- intangible personal property up to $400. Ind. Code § 34-55-10-2.
- all health aids. Ind. Code § 34-55-10-2.
- any interest in a qualified retirement plan. Ind. Code § 34-55-10-2.
- a debtor’s interest in a refund or earned income credit for exempt bankruptcy property. Ind. Code § 34-55-10-2.
- education savings account (529 and Coverdell) contributions made more than two years prior to filing; contributions made more than one but less than two years prior to filing to $5,000; no exemption for contributions made less than one year prior to filing. Ind. Code § 34-55-10-2(c )(9), (10).
- earned income tax credit. Ind. Code Ann. § 34-55-10-2(c)(11).
- money in a medical or health savings account. Ind. Code § 6-8-11-19.
- a spendthrift trust. Ind. Code § 30-4-3-2.
- military uniforms, equipment, and guns. Ind. Code § 10-16-10-1.
Unemployment compensation benefits are 100% exempt. Ind. Code § 22-4-33-3.
The lesser of 75% of earned but unpaid wages or 30 times the Federal minimum wage. Ind. Code § 24-4.5-5-105.
All workers’ compensation is 100% exempt except for child support claims. Ind. Code § 22-3-2-17.