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Indiana Increased Bankruptcy Exemptions in 2022. Here’s How it Affects You.

Sawin & Shea

Indiana allows debtors to exempt assets when filing for bankruptcy up to a certain monetary amount, and that amount recently increased. In this blog, we’ll share the details regarding this exemption increase, the different exemption categories, and how these exemptions impact Chapter 7 and Chapter 13 bankruptcy.

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Can I Protect My Home and Personal Property in Bankruptcy?

Sawin & Shea

In Indiana, a debtor filing for Chapter 7 bankruptcy can protect up to $19,300 per person in residential real estate or mobile home. The other main category of exemptions is called intangible assets. Seek the advice of a bankruptcy attorney who can help you use Indiana exemptions successfully.

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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

You may have noticed that we didn’t list student loans in the consumer and non-consumer categories. With consumer debts, co-debtors receive the protection of an automatic stay. If you’re considering filing, take the guesswork out of the process by contacting the Indiana bankruptcy lawyers at Sawin & Shea, LLC.