Indiana Unused Homestead Exemption

[mlsmket7]

Since we cannot use Federal exemptions, and Indiana only allows $600 for a joint filing, my question is, if we have unused value from our homestead, can we apply other (cash) assets towards that?

I know it is different for every state, but I would like to know what Indiana folks have experience with.

Thanks!

[tcreegan]

Hi mlsmket,

Indiana homestead = 15,000 x 2 (joint filing) = 30,000

Personal property = 8,000 but law doesn't say explicitly it gets doubled in a joint filing, something to ask an attorney.

I think your answer to unused homestead is here, but again need an attorney to verify.
Also need to know if cash = personal property

IC 34-55-10-3
Designation of exempt property by debtor
Sec. 3. The debtor may designate real property, personal property, or both, as the exempted property.
As added by P.L.1-1998, SEC.51. Amended by P.L.179-2005, SEC.12.

Also might ask an attorney about this:

IC 34-55-10-2 Version a
Bankruptcy exemptions; limitations
Note: This version of section amended by P.L.44-2010, SEC.1. See also following version of this section amended by P.L.53-2010, SEC.1.
(5) Any interest that the debtor has in real estate held as a tenant by the entireties. The exemption under this subdivision does not apply to a debt for which the debtor and the debtor's spouse are jointly liable.

Good luck in your filing!

Tom in Colo