Legal Question in Bankruptcy in Indiana
keeping raw land during bankruptcy
if someone files bankruptcy and wants to keep their home that is not paid for yet and they also have 7 acres of raw land (unusable farm ground) that is paid for, would they be able to keep both? meaning, would they lose their land that was paid for? thanks
2 Answers from Attorneys
Re: keeping raw land during bankruptcy
Whether or not you get to keep your land dpends on a number of factors including its value, how it is titled, the amount of any liens or mortgages, etc. The law affords you certain exemptions. You might be forced to view other non-bankruptcy options or file a Chapter 13. Unfortunately you might have to pay your creditors an aggregate amount equal to the value of the raw land minus your exempt amount. Consult a bankruptcy specialist asap to learn your options while you have time to make choices. Most offer free initial consultations.
Re: keeping raw land during bankruptcy
If you want to keep both house and land, you can do it. But you might have to file a Chapter 13 instead of a Chapter 7. Depends on the value of the land, equity of your house, and other factors. You should consult with a bankruptcy attorney about this.
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