Running Your Business

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Indiana Assets Protection Laws

Filed under Running A Business.

These assets are exempted from a state court or bankruptcy proceeding in Indiana.

Homestead: Real property claimed as residence up to $17,600. Property held as tenancy by the entirety is exempt against debt of only one spouse.

Pensions and Retirement Benefits: Funds exempted for firefighters, police, sheriffs, public employees and state teachers. IRA exemptions for conventional, SEP and SIMPLE plans. Nondeductible contributions are not protected. Roth IRAs and regular IRAs up to $1,095,000 per person.

Insurance: Fraternal society benefits. Life insurance, if group term policy, or if beneficiary is insured's spouse or dependent, or if a clause in the policy prohibits payments to creditors. Accident proceeds.

Personal Property: Any intangible personal property up to $350; except money owed to debtor.

Tools of Trade: National Guard uniforms, arms and equipment.

Miscellaneous: Business partnership property. State military personnel's uniforms, arms and equipment.

Wages: Minimum 75% of earned but unpaid wages.

Public Benefits: Unemployment compensation. Workers' compensation. Crime victim's compensation unless debt is for the treatment of injury incurred during the crime.

Wild Card: $9,350 of any real property or tangible personal property.

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