Legal Question in Bankruptcy in Indiana

Estate involved in bankruptcy

I live in Indiana, my parents put a house they own with my aunt and uncle in my and my cousins names a few years ago. I'm wanting to declare Chapter 7 bankruptcy because that is the best for me and I'm in the process of getting my name off the deed but my father tells me I can't declare chapeter 7 because it will take a year to get my name off the deed. Is this true? What other options do I have besides chapter 13 to ensure the safety of their house?


Asked on 12/16/03, 3:35 pm

1 Answer from Attorneys
John Cook Dunn & Cook

Re: Estate involved in bankruptcy

It is not that it takes a year to get your name off the deed, rather that the Bankruptcy petition requires you to list any transfers that you have made to insiders within one year of filing the petition. Family members are considered insiders. Accordingly, if you deeded your interest in the home to any of your relatives, you would have to wait one year in order to file a bankruptcy petition, or be required to disclose such a transfer.

As far as other alternatives other than a chapter 13 - I do not have enough information to answer that. I assume at least one creditor is bull dogging you and you do not want to pay him/her/it. My suggestion would be to pay the $100 for an office visit and go see an attorney that represents debtors and let him review your situation.

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Answered on 12/17/03, 4:19 pm


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