Noblesville 317-773-4300 Greenwood 317-884-5080
The Law Offices of Brian Schellenberg
Representing Bankruptcy Clients Throughout Indiana

Can I Keep My Property After Filing For Bankruptcy?

Filing for bankruptcy doesn't mean you have to give up all of your possessions. The law allows you to keep certain types of property, using a procedure called exemptions.

But what can you keep and what do you have to give up?

At The Law Offices of Brian Schellenberg, we can help you make sound decisions about using bankruptcy for debt relief and taking advantage of exemptions allowed by the bankruptcy court. Schedule a time to learn how we can help you. We serve clients in the Indianapolis area and throughout central Indiana from our two offices in Greenwood and Noblesville.

Using Exemptions Effectively In Your Bankruptcy

Bankruptcy is federal law, but exemptions vary greatly from state to state. This is because federal law takes account of state exemptions.

In some states, when you file for bankruptcy, you get to choose between state exemptions and federal exemptions. Others allow only for state exemptions.

You do not get to choose between state and federal exemptions in Indiana. To protect your property to the degree possible from the bankruptcy court, you have to use the state exemptions.

But Indiana's exemptions are still quite useful. For example, there is a homestead exemption by which you can keep equity of up to $17,600 in your home. In addition, there is a so-called wildcard exemption for up to $9,350 in nonresidential real estate or personal property. And there are several other exemptions as well, involving insurance, government benefits and other types of property.

Our experienced bankruptcy attorneys can guide you through the exemption process as you seek to keep as much as the law allows.

Free Initial Consultations Available

It won't cost you anything to talk with us in a free initial consultation. Call us at 317-773-4300 in Noblesville or at 317-884-5080 in Greenwood. Or, if you prefer, complete our online form.

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

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