Legal Question in Bankruptcy in Indiana

Re: How will family summer home be affected?

Your summer home is going to be an issue for you. We need to know how much it's worth and if the five families all have their name on the deed. Depending upon what it and your other possessions are worth, you may not be to protect them in a chapter 7 bankruptcy. You are allowed to protect $4000 per person in real estate that isn't your main home and your personal property.

If there is unprotected equity in your summer home and personal possessions, then you may have to pay the value of that in a bankruptcy. You would either pay that to a chapter 7 trustee if you didn't want him/her to sell it or do a chapter 13 to protect it. In the 13, the minimum amount to be paid would be that unprotected equity.

In a case like yours, you really should consult with a bankruptcy professional to learn your options and what can and cannot be done. We would be glad to help you.