Legal Question in Real Estate Law in Indiana

Re: Lease Issue / Internatioal Student Status & Bankruptcy

As an unemployed student you are most likely in the category attorneys and judges consider as "judgment-proof" meaning not that you don't owe the money but that you have no means by which the person you owe can compel you to pay. In Indiana, as all other states, wage garnishment is determined by a federal statute as to how much can be taken from each paycheck. The bankruptcy exemptions which a debtor can claim against any general creditor are $4,000 in personal property and $100 in intangibles. Cash or money on deposit can fall into either category, according to the whim of the appellate court at any particular point in time. My opinion is that cash whether in hand or on deposit is a tangible asset; however, the bankruptcy court in the northern district of Indiana has taken the opposite approach and has declared that all money is intangible. But generally if you are unemployed, a judgment can be taken against you but the creditor has no means to make you pay until you have a job. He has 20 years to try to collect. therefore, don't waste your money on a bankruptcy now.