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Personal Property Exempt From a Judgment Creditor In Indiana
Anonymous3 views1 answers
Some internet legal sites say that the Indiana lawsuit judgment exemption for "Miscellaneous - Other real estate or tangible personal property" is $8,000, while other internet legal sites quote an amount of $4,000 for the same category. I think that might be because Indiana doubled the amount of the allowable exemption in the recent past, and not all of the sites have caught up to this change yet. Does anyone know for sure if that is the case? Thanks so much to anyone who answers.
This is a classic example of why you should consult with a lawyer as opposed to trying to do it yourself with information from the internet.
The amounts for debt collection exemptions are the same as bankruptcy collections. Federal bankruptcy laws allow a state to utilize the federal exemptions or the state can "opt-out" of using the federal exemptions and choose to utilize the state's individual exemptions. Indiana has "opted-out" of the federal exemptions, and thus, utilize the same exemptions for bankruptcy as for collections.
Indiana's exemptions can be found generally at IC 34-55-10-2. With regard to protection of personal property such as automobiles and furniture, Indiana's exemptions were found at 34-55-10-2(c)(2) which allowed for $8,000.00 as a "wild-card" exemption. However, IC 34-55-10-2(b) provides that the amounts in IC 34-55-10-2 apply until the Indiana Department of Financial Institutions adopts a rule that alters the numbers.
The Indiana Department of Financial Institutions did adopt such a rule which is found at 750 IAC 1-1-1. This rule modifies all the exemption values in Indiana. The new "wild-card" exemption amount for other real estate or tangible property is now $9.350.00.
Since you are in my area, I would recommend that you contact me for a free initial consultation.
