Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are certain assets that you cannot keep after filing for bankruptcy in Indiana. Generally, assets that are considered “exempt” or “protected” under Indiana bankruptcy law are those that you can keep. These items are necessary to maintain a livelihood and include a person’s clothing, furniture, tools of the trade, retirement accounts, public benefits, alimony and/or child support, and homestead exemptions. Along with these items, there are also certain assets that you cannot keep after filing for bankruptcy. These items are taxes, back child support, debts for fraud, alimony and/or maintenance, student loans, and certain tax obligations. Additionally, if you have luxury items like vacation homes, boats, and expensive cars or jewelry, these are not protected under bankruptcy law and must be surrendered to pay creditors. Finally, it is important to note that there are certain laws that vary by state, so it is important to look into the bankruptcy laws that apply in Indiana prior to filing. This can help protect any assets that you may want to keep so you can remain financially secure after filing.

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Are there any assets that I cannot keep after filing for bankruptcy?

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