Legal Question in Bankruptcy in Indiana

can i choose not to file chapter 7 on all of my assets

indiana-i recently lost my job & am in over my head in debt.i'm married,my husband works.i'm wanting to know if i can elect to only file bk 7 on one vehicle,credit cards,& medical bills,while not filing on my home and other vehicle.i do still have loans on the car & house i'm wanting to keep.so, can i choose to file on some debts while choosing not to file on other?also, part of my home loan is secured by a government loan,will this affect my filing,again,im not wanting to file on my home.


Asked on 9/04/01, 10:17 am

1 Answer from Attorneys
Dorene Philpot Philpot Law Office

Re: can i choose not to file chapter 7 on all of my assets

When you file for bankruptcy protection, ALL your creditors are included. However, you can essentially pull some out by reaffirming on those debts, such as your house, car, etc.

Reaffirming means that you sign an agreement with the creditor to pay that debt as agreed originally, and you keep the property.

In Indiana, half of a married couple can file. In some states, that's not possible.

You are allowed to keep $7,500 in equity in a home if you are filing singly or $15,000 if filing as a married couple. You are allowed to keep $4,000 in personal property if you file singly or $8,000 if you file jointly.

The big reasons that people file are: Job loss/failure of a business, divorce or major insured medical issue. Sounds like you might have two of the three reasons.

Hope this helps answer your questions.

Let me know if you have any others. OK?

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Answered on 10/05/01, 7:30 am


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