What are the bankruptcy laws in Indiana?

by **adalwine** » Thu Mar 31, 2011 5:13 pm

I have a first mortgage ($55,000) and a second mortgage ($30,000), and my house will only sell for $70 - $75,000. What are the options for bankruptcy?

by **teyo** » Thu Mar 31, 2011 5:16 pm

why are you asking us and not an attorney?

by **dana** » Thu Mar 31, 2011 5:18 pm

Bankruptcy is through the federal government, the laws are the same in every state. If you give up the home in a Chapter 7, the bank loses the balance remaining after sale...if you go Chapter 13, the balance will be rolled into your repayment schedule, and whatever percentage the judge says you will pay, you will pay.

by **aingeni** » Thu Mar 31, 2011 5:32 pm

The bankruptcy laws have actually changed quite a bit. It is more based on your income now than the debt you owe. In many cases, they send you to credit counseling and get you on a budget and reaffirm your debts. You would need to seek out an attorney to find out what would suit you. Most will give you a free consultation. Not all attorneys that did bankruptcies before the new rules still do them. You would have to find out. I work at a law firm in Indiana, but we do not do bankruptcies. If you tell me which town you live in, I can possibly refer you to a couple of attorneys who may still do them.

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