| Every state's exemption levels vary, but to give you an example of how they work in one state:
In Indiana, you are allowed to keep $7,500 in home equity, $4,000 in personal property and up to $1 million on retirement accounts.
You can double those amounts if you are married and your spouse is filing a petition for bankruptcy jointly.
These exemption levels are what you are allowed to keep.
The laws are designed to give you a fresh start -- you don't have to stripped of everything you own in order to take advantage of these laws.
On the other hand, if you have property over your state's exemption levels but still want to file a BK, then that property could be subject to seizure by the trustee and distribution to your creditors.
Hope this information is helpful to you! | 
03-18-2002, 12:45 AM
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