PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Bankruptcy exemptions for Indiana residents

The goals of bankruptcy are to give the debtor a fresh start and to pay back creditors. While this may involve giving up some assets, there are certain ways debtors can keep some of their possessions.

2013-04-16
April 16, 2013 (Press-News.org) Deciding whether or not bankruptcy is the right option for one's financial future can be a difficult decision. The goals of bankruptcy are to give the debtor a fresh start and to pay back creditors. While this may involve giving up property and assets, there are certain ways debtors can keep some of their possessions. This is where bankruptcy exemptions come in. Exemptions are a part of the bankruptcy code that determine the property debtors get to keep in a bankruptcy proceeding. Also this may determine the bankruptcy Chapter the debtor may select.

General overview of bankruptcy

Bankruptcy is a broad term for a Federal law that allows businesses and individuals to escape from debt and pay off their creditors. Although there are various types of bankruptcy, the two most commonly used are Chapter 7 and Chapter 13.

Under Chapter 7 bankruptcy, a person's assets are liquidated with the exception of the most necessary assets. In exchange for discharging the debt, the bankruptcy filer turns all nonexempt property over to the bankruptcy trustee to be sold to pay off the debts.

Chapter 13 bankruptcy results in a debt adjustment plan. The filer keeps all property, but pays all disposable income directly to a bankruptcy trustee every month. The trustee makes payments to creditors from this income under a plan the bankruptcy court approves. The debts are usually paid over a three to five year period. In situations where the equity exceeds the exemption, the debtor can possibly "buy back" the extra value.

Indiana bankruptcy exemptions

States may opt out of the Federal exemptions. Indiana has opted out and has its own rules about exemptions when debtors file for Chapter 7 or Chapter 13 bankruptcy. Exemptions are what property is safe from the bankruptcy process and creditors. Typical exemptions are things such as homes, cars, insurance policies and retirement accounts.

What the trustee can take is subject to the exemption and the properly perfected secured claims. If the value of a home or car is greater than the exemption amount, this does not mean the debtor will automatically lose it. Instead, it depends on the equity left after paying the properly perfected secured claims.

Indiana bankruptcy law exempts certain property from bankruptcy, including a debtor's residence as well as any real estate rights that do not exceed $17,600. Then, the state code also exempts other real estate up to $9,350 and intangible personal property, such as deposit accounts and cash, up to $350.

In addition, possible exemptions also include: medical savings accounts, retirement plans, disability benefits for veterans, and education accounts such as tuition programs.

In order to determine how much the exempt property is worth, the plaintiff and the debtor will each get an appraiser to determine the amount. If for some reason these two cannot come up with an agreed upon amount, a third appraiser will be used. If the value of the property is greater than the exemption amount, the trustee will sell the property, but the debtor will get the amount of the allowable exemption from the proceeds of the sale.

Exemptions help applicants hold on to certain assets

In a Chapter 7 bankruptcy, the trustee cannot sell exempt assets to creditors but may sell nonexempt assets to pay debts. Moreover, the trustee's ability to sell is also subject to the existence of second claims put on a mortgage. However, if there are any loans securing the property, these do not affect the exemptions. A Chapter 13 exemption helps determine what the debtor will have to give to unsecured creditors. The trustee will not sell all nonexempt assets, but rather will sell only a portion of them to creditors. This sale will pay the minimum amount so the court will confirm a debtor's reorganization plan.

Harassment from creditors and the possibility of losing a home or other possessions can be extremely stressful when considering bankruptcy as an option. It is wise to seek out the counsel of an experienced bankruptcy attorney who can assist you in reviewing finances and determining whether bankruptcy is the right option.

Article provided by The Law Office of Andrew L. Kraemer
Visit us at www.kraemerlawyer.com


ELSE PRESS RELEASES FROM THIS DATE:

Liability in a multi-vehicle Oklahoma car accident

2013-04-16
The range of Oklahoma's weather means driving in extremes. Winter drivers may face freezing rain, other times of the year it is dust storms and severe thunderstorms. Weather can easily cause a trucking accident that might turn into a major highway pile-up. Recently, in Oklahoma an accident closed both lanes of travel as crews sought to clear the roadway. A semi-truck jack-knifed spilling fuel and blocking both lanes. The crash involved several other vehicles as well. Hazmat was called into assist and traffic headed north on Broadway Extension near Oklahoma City was at ...

Arizona Supreme Court rules on medical malpractice expert witnesses

2013-04-16
Medical malpractice lawsuits help incentivize healthcare providers to adhere to the highest standards of safety. When a doctor, nurse or some other healthcare professional makes a harmful mistake, the injured patient or the family of a patient who is killed may hold the responsible parties accountable in a medical malpractice lawsuit. An important aspect of medical malpractice lawsuits is expert testimony. A medical expert can explain the technical details of what went wrong and describe how the treating physician may have slipped below the applicable standard of care. Under ...

Survey: Adult drivers increasingly engage in texting while driving

2013-04-16
Every year, distracted drivers on our nation's roadways cause thousands of fatalities and injuries. In 2011 alone, the National Highway Traffic Safety Administration (NHTSA) estimated that over 3,300 deaths and 387,000 injuries could be attributed to motor vehicle accidents involving a distracted driver. In an effort to fight back against distracted driving, lawmakers throughout the country - including those here in New York - have passed various laws that target one of the major causes of driver distraction: texting while driving. In fact, a statewide texting-while-driving ...

Understanding motorcycle accident reconstruction

2013-04-16
Vehicular accident reconstruction is a modern day scientific method used to determine the cause of an auto accident. A subpart of vehicle reconstruction is motorcycle accident reconstruction. Both scientific methods are often utilized to help determine fault in a personal injury lawsuit. Understanding accident reconstruction Typically, when an auto accident occurs, the scene is a mess. Glass, vehicle pieces and road debris are scattered everywhere. Eyewitnesses report inconsistent opinions on what happened and no one can seem to pinpoint what or who caused the accident. ...

Study suggests texting while driving just as dangerous as drunk driving

2013-04-16
According to distraction.gov, the federal government's website for distracted driving, drivers who text or use hand-held devices are four times more likely to be involved in an accident. Although this fact has long been circulated in the media, it would seem that the threat of a car accident is not enough for many people to put down their phones while behind the wheel. However, the results of a recent study may make them want to rethink their position. According to the study, published in the journal Traffic Injury Prevention, texting while driving is as dangerous as ...

Even minor injuries can lead to traumatic brain injury

2013-04-16
When you think of traumatic brain injuries (TBIs), you might think that they must only be caused by "traumatic" events. However, according to scientists at the Medical College of Georgia at Georgia Regents University, that is not always the case. Through their experiments the scientists observed that even minor brain injuries can cause swelling that reduces blood flow and connections between neurons. If left untreated, the neurons--which transmit nerve impulses--eventually die. After even a mild head injury, researchers watched as astrocytes--small cells ...

Medication errors forcing hospitals to change treatment policies

2013-04-16
Many of us have had an injury or illness that needed some degree of medical care. We may have visited a nearby clinic or our family physician to gain a better understanding of our condition and what we need to do to start feeling better. We trust the decisions that these professionals make, because we assume they have handled several cases like this in the past, and know what is best for us. However, not every interaction between medical professionals and patients goes as planned. Doctors and nurses make mistakes, and these mistakes can lead to significant health consequences ...

Hearing set for California bill aimed at changing current DUI laws

2013-04-16
A new California bill that was introduced in the state Senate is currently up for review. The bill aims to amend the current California DUI laws in place. Referred to as the zero-tolerance DUI bill, the new language has stirred controversy. Current DUI law and proposed changes Present California DUI law states that "it is unlawful for any person who is under the influence of any alcoholic beverage or drug, or under the combined influence of any alcoholic beverage and drug, to drive a vehicle." This includes illegal drugs as well as legal prescriptions. ...

Project Viewer Supplier Steelray Offers Free Trials on Website

Project Viewer Supplier Steelray Offers Free Trials on Website
2013-04-16
Project Viewer experts offer free software trials. Steelray, a leading project viewer software company, is pleased to offer free trials on all their products. The business specializes in providing project management tools that their clients can use to view, analyze and export detailed information for all of their project management needs. The company has made the process very user-friendly; all the customer has to do is enter their contact information and click on the download link. There are no hassles or gimmicks; you will receive a full version copy with no limitations, ...

Atlanta Limousine Service Company, Metro Limo, Advise Booking Now For Prom Limo Specials

Atlanta Limousine Service Company, Metro Limo, Advise Booking Now For Prom Limo Specials
2013-04-16
Prom season is here, and many Atlanta limousine services are already booked up. Metro Limo, whose Atlanta limousines serve all of Metro Atlanta, is offering prom specials this spring. Make your reservations early to get the best choice of price and vehicle. Metro Limo's prom specials offer a range from a four-passenger towncar at $95.00 per hour to a 14-passenger Excursion for $200.00 per hour. Rates are for a four-hour minimum, but if you book six hours, the seventh is free. The Advantages of Renting a Limo - Prom is a very special night, and one that your teens ...

LAST 30 PRESS RELEASES:

 Tomatoes in the Galápagos are quietly de-evolving

Mapping barriers to natural climate solutions

Is it immoral to be too rich?

Predicting cognitive abilities from brain scans

Poll shows wide variation in older adults’ preparations to age in place

Colorful, “healthy” branding makes cannabis edibles appealing to teens, study finds

The urge to delay a return to pleasure

Popular diabetes and weight-loss drug may reduce risk of dementia

Model tackles key obstacle to efficient plastic recycling

Cell therapy improves overall survival of patients with colorectal cancer

Food packaging is a source of micro- and nanoplastics in food

New study sheds light on the effectiveness of measures to solve the 'migration crisis'

Strategy to prevent age-related macular degeneration identified

500 bird species face extinction within the next century

Genetic markers for depression reveal consistent patterns in psychiatric treatment outcomes

Deep-sea mining could harm remote ocean ecosystems

Stanford researcher develops machine learning models to decode brain aging at cellular level

AI shortens the development time of new materials

Insulin on edge: Study identifies stress-triggered gene behind diabetes

Wildlife forensic scientists develop new tool to detect elephant ivory disguised as legal mammoth ivory

Organ preservation strategies: Extended sleeve lobectomy after neoadjuvant immunochemotherapy offers optimal option for centrally located NSCLC

Doubts cast over suggestions incestuous ‘god-kings’ ruled during Neolithic Ireland

Interpretation on feature groups for tree models

Military discharge is a time of challenge and opportunity

Common pregnancy complications may be a signal of future stroke risk

Barcodes uncover early blueprints of our cellular origins

Stanford Medicine-led phase 3 trial shows gene therapy skin grafts help epidermolysis bullosa

‘Pill-on-a-thread’ could replace endoscopies for half of all patients being monitored for esophageal cancer risk

Study casts doubt on ‘incestuous royalty’ in Neolithic Ireland

Heart valve developed at UC Irvine shines in early-stage preclinical testing

[Press-News.org] Bankruptcy exemptions for Indiana residents
The goals of bankruptcy are to give the debtor a fresh start and to pay back creditors. While this may involve giving up some assets, there are certain ways debtors can keep some of their possessions.