Bankruptcy Indiana

Since, as a Certified Consumer Bankruptcy Specialist in Indiana (one of only a dozen in our state), I helped draft the part of the new bankruptcy laws in Indiana that deals in exemptions,  today's blog reader question about jewelry is the kind I'm very used to answering.  However, I need to start by pointing out that there's one word in this blog reader's question that no debtor should even think about, and that word is "hide".  When bankruptcy fraud is committed by a debtor, it usually means there was an attempt to hide assets or income from the court in order to qualify to file bankruptcy in Indiana. The bankruptcy system can function well only when there is full disclosure of assets, including cash and jewelry, and all debts. 

The good news for bankruptcy clients is that, in Indiana, we have exemptions that allow debtors to keep certain kinds and amounts of assets and still file bankruptcy.  The amount of these Indiana exemptions was just raised as of March 1 of this year.  Exemption limits now include $17,600 of a personal residence and $9,350 for other real estate plus tangible personal assets. Wedding rings would fall in the category of "tangible personal assets".

One very important step in the legal process of bankruptcy is the Creditors' Meeting, and a very important part of my work and the work of the attorneys in the Mark Zuckerberg bankruptcy law offices in Anderson, Bloomington, and Indianapolis, and of course the work of the Columbus bankruptcy lawyers who work in my offices there is getting the paperwork ready for the Creditors' Meetings. These are information-gathering meetings, not trials, of course, but, if you're filing bankruptcy, you need to be there and you'll be answering questions under oath.

The court will want to know why you've chosen to file bankruptcy, and whether you plan to file a Chapter 7 or to file under Chapter 13 bankruptcy law in Indiana. As your Indiana bankruptcy attorney, I would have helped you prepare for the meeting, and be there at your side during the process.

As part of preparing your list of assets, if you do own jewelry, getting a certified appraisal of that jewelry would be part of the task of preparing for the bankruptcy hearing.

When thinking about bankruptcy, don't think "hiding" - think preparing!