Legal Question in Bankruptcy in Indiana

Re: Can I keep my home?

If you are married and filing jointly, you are allowed to keep up to $15,000 equity in your home. That's the difference between what it's worth and what you owe.

As long as you fall under that exemption level -- and as long as you are current on your mortgage payments and insurance for it, you can keep your house.

Here's some other information you might find to be helpful:

In Indiana, you can file jointly, as a married couple, or separately. Assets that you are allowed to keep, in addition to the home equity, are $4,000 in personal property, which includes equity in your vehicle(s) (double that, if filing jointly).

Items that you cannot get discharged in a Chapter 7 bankruptcy include student loans, child support, maintenance to a former spouse, most taxes and damages in a drunken driving accident.

Pretty much everything else is fair game for discharge.

The most common reasons that people file for bankruptcy protection are: 1. Job loss/business closure or downsizing. 2. Major uninsured medical bills. 3. Divorce.

There is no limit to the amount of bills or debts that you can get discharged. You just have to show that your income vs. your bills won't provide you with a way to make meaningful progress on paying off your debts.

You can choose which items you want to keep and continue to pay on, such as autos and your home. This is called reaffirmation.

The whole process from filing to discharge takes about four months.

Hope this information is helpful to you....