Legal Question in Bankruptcy in Indiana

Re: Assets

You must disclose ALL your assets, period, in order for the trustee to determine whether your assets are above or below the state's real property and personal property exemption levels.

Those levels are $15K in home equity for a married couple (half that if filing alone) and $8K in personal property for a married couple (half that if filing alone).

Hope this information helps.

Re: Assets

You must disclose all assets and all debts in a bankruptcy, even those assets you own free and clear and even those debts you intend to repay.

The Trustee can sell your assets to pay your creditors in full or in part, although the law allows you to keep certain property as exempt. Each individual can exempt $4000 in personal property and $7500 in real estate if it is your personal residence, but the two cannot total more than $10,000 - Married couples can exempt $8000 and $15000 but the total cant exceed $20000.

Most people keep all of their property since value is the true market value or "garage sale".

Transferring property before you file doesnt help-a trustee can rescind or avoid the transfer.

Failure to disclose assets in a bankruptcy is a federal criminal offense and can also result in you being denied a discharge-EVER

Consult a bankruptcy attorney-most offer free intial consultations

Good luck!

Re: Assets

You must disclose all your assets, regardless of whether there is a lien on the assets. Failure to do so can result in federal prosecution for perjury and bankruptcy fraud.