Homestead Law

Real estate or personal property constituting the personal or family residence of the debtor or a dependent of the debtor, or estates or rights in that real estate or personal property, of not more than $15,000 is exempt from bankruptcy judgements. The exemption is individually available to joint debtors concerning property held by them as tenants by the entireties. (IC 34-55-10-2)

If the value of a debtor's interest in property for which an exemption is claimed exceeds the amount of the exemption, the property may be sold. However, the debtor must be paid an amount equal to the debtor's exemption in the property from the proceeds of the sale. (IC 34-55-10-9)