Cash Asset Question

[mlsmket7]

I am having a difficult time answering this question, regardless of the helpful links, findlaw, etc.

How much cash...pure cash (in a savings account lets say) am I entitled to as an exemption? I'm not sure exactly what is covered by the $8k 'wildcard' exemption in Indiana.

I do not have a house, so I understand I have a certain amount of exemptions given in lieu of a homestead.

If I have ~$4k in my account at the time of the 341, will that pose a problem?

[drowningNdebt]

it becomes the property of the bk trustee. however, depending on your state your excemptions may cover this.

[mlsmket7]

it becomes the property of the bk trustee. however, depending on your state your excemptions may cover this.

Indiana.

[jadams]

The exact wording in Indiana IC 34-55-10-2 says the wild card can be used for "tangible personal property".

A Google search shows several "legal definition" sites that say in the legal definition, cash and checking accounts are not considered tangible personal property.

"Tangible Personal Property: Personal property that can be felt or touched. Examples include furniture, cars, jewelry and artwork. However, cash and checking accounts are not tangible personal property."

After reading that, I would say no you can't use the wildcard for a savings account. But the online dictionary is far from an authoritative source.

I guess it would depend on how your state and federal court district define tangible personal property.

EDIT TO AD:

Noticed this in the Indiana Code, missed it the first time.

"(3) Intangible personal property, including choses in action, deposit accounts, and cash (but excluding debts owing and income owing), of three hundred dollars ($300)."

So it looks like only $300 cash/deposit-accounts can be exempted.

[drowningNdebt]

ouch that stinks!

[aljohnson007]

It is the amount of cash on hand at time of filing, not at the 341.

[aljohnson007]

Here is a link to Indiana exemptions:

http://www.ai.org/legislative/ic/code/title34/ar55/ch10.html#IC34-55-10-2