WAGE GARNISHMENT EXEMPTION: 75% of disposable earnings or 30 times the federal minimum hourly wage ($5.15), whichever is greater MAXIMUM INTEREST RATE: Legal: 8% Judgment: 8% STATUTE OF LIMITATIONS FOR ENFORCEMENT: Open Account (credit card): 6 years Written contract for payment of money: 6 years Written Contract (other than payment of money): 10 years Written Contract (sale of goods): 4 years Domestic Judgment: 10 years (property); 20 years (personal) Foreign Judgment: 10 BAD CHECK LAW DAMAGES: Three times the check amount up to $500 over check amount (can also collect attorney fees plus interest up to 18% OR attorney fees and 8% interest) BANKRUPTCY PROPERTY EXEMPTIONS (Indiana Statutes Annotated): Cannot claim federal exemptions, but can claim the federal non-bankruptcy exemptions The State of Indiana exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Estate: Real or personal property used as residence to $7,500; homestead plus personal property (except health aids) up to $10,000 [34-55-10-2(b)(1)] Personal property: $100 of any intangible personal property except money which is owed to debtor [34-55-10-2(b)(3)]; health aids, unlimited amount [34-55-10-2(b)(4)]; national guard uniforms, arms and equipment, unlimited amount [10-2-6-3] Insurance / Annuities: Fraternal society benefits, unlimited amount [27-11-6-3]; group life insurance policy, unlimited amount [27-1-12-29]; life insurance policy, proceeds or cash value if beneficiary is insured's spouse or dependent, unlimited amount [27-1-12-14]; life insurance proceeds if policy prohibits proceeds to be used to pay creditors, unlimited amount [27-2-5-1]; mutual life or accident insurance proceeds, unlimited amount [27-8-3-23] Pensions / Retirement Plans: Retirement benefits, unlimited amount [5-10.3-8-9]; firefighters, unlimited amount [36-8-7-22 and 36-8-8-17]; police officers, unpaid benefits only [10-1-2-9 and 36-8-8-17]; sheriffs, unpaid benefits only [36-8-10-19]; state-employed teachers [21-6.1-5-17] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [22-4-33-3]; workers' compensation, unlimited amount [22-3-2-17]; crime victims' compensation unless debt is for the treatment of injury incurred during the crime, unlimited amount [5-2-6.1-38] Wages: 75% of earned but unpaid wages [24-4.5-5-105] Miscellaneous: Real estate or tangible personal property up to $4,000 [34-55-10-2(b)(2)]; business partnership property, unlimited amount [23-4-1-25] Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve your credit rating and reduce monthly payments by $200+ |
Debt > State Statutes > Indiana |
Debt > State Statutes > Indiana |
Debt and Bankruptcy Laws -- Indiana |
WAGE GARNISHMENT EXEMPTION: 75% of disposable earnings or 30 times the federal minimum hourly wage ($5.15), whichever is greater MAXIMUM INTEREST RATE: Legal: 8% Judgment: 8% STATUTE OF LIMITATIONS FOR ENFORCEMENT: Open Account (credit card): 6 years Written contract for payment of money: 6 years Written Contract (other than payment of money): 10 years Written Contract (sale of goods): 4 years Domestic Judgment: 10 years (property); 20 years (personal) Foreign Judgment: 10 BAD CHECK LAW DAMAGES: Three times the check amount up to $500 over check amount (can also collect attorney fees plus interest up to 18% OR attorney fees and 8% interest) BANKRUPTCY PROPERTY EXEMPTIONS (Indiana Statutes Annotated): Cannot claim federal exemptions, but can claim the federal non-bankruptcy exemptions The State of Indiana exempts the property and income below from seizure by the bankruptcy court to pay creditors: Real Estate: Real or personal property used as residence to $7,500; homestead plus personal property (except health aids) up to $10,000 [34-55-10-2(b)(1)] Personal property: $100 of any intangible personal property except money which is owed to debtor [34-55-10-2(b)(3)]; health aids, unlimited amount [34-55-10-2(b)(4)]; national guard uniforms, arms and equipment, unlimited amount [10-2-6-3] Insurance / Annuities: Fraternal society benefits, unlimited amount [27-11-6-3]; group life insurance policy, unlimited amount [27-1-12-29]; life insurance policy, proceeds or cash value if beneficiary is insured's spouse or dependent, unlimited amount [27-1-12-14]; life insurance proceeds if policy prohibits proceeds to be used to pay creditors, unlimited amount [27-2-5-1]; mutual life or accident insurance proceeds, unlimited amount [27-8-3-23] Pensions / Retirement Plans: Retirement benefits, unlimited amount [5-10.3-8-9]; firefighters, unlimited amount [36-8-7-22 and 36-8-8-17]; police officers, unpaid benefits only [10-1-2-9 and 36-8-8-17]; sheriffs, unpaid benefits only [36-8-10-19]; state-employed teachers [21-6.1-5-17] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [22-4-33-3]; workers' compensation, unlimited amount [22-3-2-17]; crime victims' compensation unless debt is for the treatment of injury incurred during the crime, unlimited amount [5-2-6.1-38] Wages: 75% of earned but unpaid wages [24-4.5-5-105] Miscellaneous: Real estate or tangible personal property up to $4,000 [34-55-10-2(b)(2)]; business partnership property, unlimited amount [23-4-1-25] Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve your credit rating and reduce monthly payments by $200+ |
