Indiana

What is the name of your state? Indiana
I am wanting to file bk, ch 7, only and not include my husband. I need to know if Indiana is a community property state and can't find anywhere on the internet where they can tell me this. Also, we have a Double Wide moble home in a park that we want to keep as our home and live in. It is 5 yrs old and we have been paying our mortgage on it and our lot rent faithfully. I am about 30,000.00+ in unsecured cc dept. Have been using them to buy groceries and gas and everything else, car repair, etc...when my husband lost his job for 6 months and just cannot pay on then
anymore. Need to know what my options are? My husband has about $7000.00 in unsecured cc debt if you include me on 2 of his joint cards. I have a 97 buick I need to keep to get to work and have only 1 yr left to pay it off. Is this possible to do without my husband filing too so we can keep our home? I am really scared to death with this hanging over our heads and don't know what to do!

[Ladynred]

Relax, the good news is IN is NOT a community property state !!

Here's a list of the IN exemptions for bankruptcy:
[url]http://www.thebankruptcysite.com/exemptions/indiana.htm[/url]

You get $7500 to exempt your primary residence, so if your equity in the mobile home is less than that, its safe. The thing to remember is that mobile homes do not retain their value so the equity in it may not be as high as you think. Get a real estate agent give you a 'walk away' price on it, and then use that to figure your equity. You can reaffirm on the mortgage and keep the home in most cases as long as your payments are current and you can keep them that way.

With a 97 Buick, you shouldn't have any problem keeping it. The value of it is probably not much and will most likely make it within the exemption limits.

You can look up the black book price here:
[url]http://www.carquotes.com/blackbook.asp[/url]

then subtract 30% for an 'auction' value and subtract some for any damage or high mileage or other things that would bring down the value of it. You can reaffirm on that loan too if you want, or don't reaffirm and just keep making the payments and you should be able to keep it.

The only tricky thing is the joint credit cards. Your obligation for them will be discharged, but the creditors will then look to your husband for payment on them.

Thank you soooo much!!!

You just took a big weight off my shoulders!!! I am in tears just from the relief!! Now I need to find a good lawyer that will take my case and do what you said can be done!!! Thanks again!!!

Less-Depressed43

I am sorry, I just thought of another problem that I might have.

My husband and I have a joint checking account and we have a thousand dollar overfraft prtection account with them and we both have our paychecks direct deposit to it. We owe about $780.00 on it for payoff. If I file bk will they close our account, demand all the money to be payed back, take any or all of our deposited paychecks?? Can I reaffirm the account with the bank and keep our visa debit cards? Will the trustee go for that? My name is listed first on the account and the checks. I have been using the visa/debit card to buy groceries with instead of checks, it more convienent. How do I distingish what is my husbands money and what is mine in the bankruptcy? Oh my!!!!!!

[Ladynred]

Oh my is right.

I would seriously suggest that you get your own bank account in another bank that you do NOT owe money to and in your own name. You husband should do the same, leaving only the overdraft account at that bank. If you file for bankruptcy and include that overdraft balance, the bank isn't going to be terribly friendly and could very well execute a set-off from your other deposits to pay for that overdraft.

Just a little bankruptcy pre-planning. I would never file BK and included a bank debt where I currently have my accounts.

Once you file for bankruptcy, the automatic stay will prevent them from doing anything to collect on the debt. However, they could ask for a relief from stay to get their money. Whether or not they WILL there's just no way to tell.