Indiana is an opt-out state, meaning that most individuals filing for bankruptcy in Indiana must use these **Indiana** exemptions rather than the federal set, though certain federal protections (e.g., Social Security, ERISA benefits) still apply. Below is a summary of the most commonly used exemptions under Indiana law. Always verify the current statutes, as laws and interpretations can change.
| Asset / Type of Property | Exemption Description | Statute / Code | Notes |
|---|---|---|---|
| Homestead | Real or personal property used as residence up to \$17,600. Husband and wife may double (i.e., \$35,200). Also, property held as tenancy by the entirety is exempt against debts of only one spouse. | Ind. Code §§ 34-55-10-2(b)(1), (2)(c), (b)(5) | Tenancy by the entirety protects marital property from individual debts of one spouse. |
| Fraternal Benefit Society Benefits | Fully exempt. | Ind. Code § 27-11-6-3 | |
| Group Life Insurance Policy | Fully exempt. | Ind. Code § 27-1-12-29 | |
| Life Insurance Policy / Proceeds / Cash Value | Exempt if beneficiary is insured's spouse or dependent; also exempt if policy has anti-creditor clause. | Ind. Code §§ 27-1-12-14, 27-2-5-1, 27-8-3-23 | |
| Property of Business Partnership | Exempt from individual partner’s creditors. | Ind. Code § 23-4-1-25 | |
| Firefighters | Exempt pension/benefits. | Ind. Code §§ 36-8-7-22, 36-8-8-17 | |
| Police Officers (Benefits Building Up) | Pension contributions / accumulations exempt. | Ind. Code §§ 10-1-2-9, 36-8-8-17 | |
| Public Employees | Exempt retirement benefits. | Ind. Code § 5-10.3-8-9 | |
| Public / Private Retirement Benefits | Generally exempt from creditors. | Ind. Code § 34-2-28-1(a)(6) | May refer to certain IRAs, 401(k)s, etc. |
| Sheriffs (Benefits Building Up) | Exempt pension accumulations. | Ind. Code § 36-8-10-19 | |
| State Teachers | Exempt retirement benefits. | Ind. Code § 21-6.1-5-17 | |
| Health Aids | Fully exempt if medically necessary. | Ind. Code § 34-2-28-1(a)(4) | |
| \$100 of “Intangible” Personal Property | Except money owed to you. So, e.g., stock or intangible asset up to \$100. | Ind. Code § 34-2-28-1(a)(3) | |
| Crime Victims’ Compensation | Exempt unless discharging debt for treatment of the crime-related injury. | Ind. Code § 12-18-6-36 | |
| Unemployment Compensation | Fully exempt. | Ind. Code § 22-4-33-3 | |
| Workers’ Compensation | Fully exempt. | Ind. Code § 22-3-2-17 | |
| National Guard Uniforms, Arms, Equipment | Fully exempt if required to keep. | Ind. Code § 10-2-6-3 | |
| Wages | Minimum 75% of earned but unpaid wages. Bankruptcy judge may allow higher % for low-income debtors. | Ind. Code § 24-4.5-5-105 | |
| Wild Card | \$4,000 of **any** real estate or **tangible** personal property. | Ind. Code § 34-55-10-2(b)(2) | Homestead and wildcard can sometimes be combined for additional real estate coverage. |
This information is provided for educational purposes only and may not reflect the most recent legal developments or local court interpretations. It is not legal advice. Consult a licensed Indiana bankruptcy attorney to confirm the current exemption amounts and their applicability to your case.