Q: Can I cover money in the checking account with the Indiana wildcard exemption?
I know each filer has $400 allowed in the account, but can we exempt our tax refund with the wildcard exemption?
A: If you use the Federal exemptions, and do not use the "wild card" on other property, yes.
And pursuant to Indiana Code Title 34. Civil Law and Procedure § 34-55-10-2(c)(11), your income tax refund should be exempt as well.
I'm in PA, and bankruptcy debtors can choose to use either the federal exemptions or the state exemptions (state of residence). In some other states, the state Legislatures dictate which of the set of exemptions (state or federal) you must use, so you should check with your bankruptcy lawyer about that, when you fill out your Bankruptcy Schedule C listing your exempt property.
Timothy Denison agrees with this answer
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