Will I Lose My House And Car If I File Bankruptcy In Indiana?
In most cases, you will not lose your house or auto as long as you remain current with the payments to the lienholder. In Indiana, a person filing bankruptcy must show all of his or her personal property and its value. Our state opted out of claiming federal exemptions and Indiana laws control in almost every situation. The general rule is that each bankruptcy filer is entitled to have $9,350 of non-encumbered property and $17,600 of equity in his/her home. In most joint cases, that means $18,700 of personal property and $35,200 of home equity in their residence.
In the event you have not lived in Indiana during the majority of the 2 years prior to filing bankruptcy, you may have to use the exemptions allowed by the state where you used to reside. Therefore, it is imperative that you advise your attorney of all residences you have had in the last 3 years pursuant to question 15 of the Statement of Financial Affairs.
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