Property Exemptions

Louisville KY Bankruptcy Property Exemptions Attorneys

New Albany IN Bankruptcy Exemptions − What Can I Keep?

It’s 3 a.m. and you’ve just awakened from the recurring nightmare where creditors swoop into your home like vultures and take everything in your home — furniture, electronics and appliances, even the clothes in your closet — leaving you with nothing but a hard, cold floor to sit on and four blank walls.  Bankruptcy helps stop these nightmares and allows you to keep your possessions.  Whether you need to file bankruptcy in Kentucky or Indiana, the attorneys at Daniels Associates LLP can guide you through the process.  Each state provides you with property exemptions — essentially dollar amounts that you can keep despite the bankruptcy.  We know you have questions about whether you can keep your home or your car.  Our attorneys understand state and federal bankruptcy exemptions.  We work hard to help you keep all of your belongings, including your home and your car.

Need bankruptcy advice or guidance on how to keep your property and still eliminate your debt?  Contact our Kentucky law firm at 502.583.8300 for assistance.  We will answer any financial and legal questions you may have.

Bankruptcy Property Exemptions in Kentucky and Indiana

Living with debt can be emotional.  When you file for bankruptcy, the moving truck does not automatically appear and take away all of your possessions.  Indiana law provides that you must take state-allowed exemptions only.  Kentucky allows you to choose between federal or state exemptions, whichever better suits your needs.  Certain types of property can be exempt from creditors, including:

Personal residence
Federal Exemption – $21,625 for a single filer/$43,250 for married couples
Kentucky Exemption – $5,000 for a single filer/$10,000 for married couple
Indiana Exemption – $17,600 for a single filer/$35,200 for married couples
Motor vehicles
Federal Exemption – $3,450 for a single filer
Kentucky Exemption – $2,500 for a single filer
Indiana Exemption – $9,350 for a single filer
Personal property and other real estate
Federal Exemption – Household goods and furnishings $11,525 for a single filer/$23,050 for married couples; or Wildcard exemption of $11,975.00 (limit of $1,150 per property item)
Kentucky Exemption – Household goods and furnishings $3,000 for a single filer/$6,000 for married couples; or Wildcard exemption of $1,000 for a single filer in either real or personal property
Indiana Exemption – $9,350 for a single filer
Cash/Savings/Intangible Assets
Federal Exemption – Wildcard exemption of $11,975.00 (limit of $1,150 per property item)
Kentucky Exemption – Wildcard exemption of $1,000 for a single filer
Indiana Exemption – $350 per person
All 401(k) accounts, IRAs, and all ERISA qualified retirement plans are completely protected, regardless of the value

At Daniels Associates LLP, we will discuss your Chapter 7 and Chapter 13 bankruptcy options with you, and help you decide which is best for your particular situation.  Remember that the dollar amount represented by the exemption is the book value of the property, which is often times significantly lower than what you value the property.  When all is said and done, in most Chapter 7 and Chapter 13 bankruptcies, filers have exempt personal property.  Call Daniels Associates LLP today to determine whether you have non-exempt properties.

It is important to have a bankruptcy lawyer in your corner to protect your rights.  If you wish to learn more about what property you are entitled to keep, while still eliminating debt, contact Daniels Associates LLP today to schedule a free initial consultation.  Weekend and evening appointments are available.  Call 502.583.8300.  We speak Spanish, Italian, Mandarin Chinese, German, Czech and Korean.

We are a debt-relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.

 

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