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cfortunato
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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Question about bankruptcy im 53 years old unable to work and

Customer Question

Question about bankruptcy im 53 years old unable to work and I'm on disability which pays me $1200 per month my brother and I own a house together 5050 that I live in I also have a house with a mortgage that I rent to pay for the mortgage payment which is $598 rents for $650 after paying insurance and property tax I lose about $200 per year. I have substantial credit card debt that I have a kurd since I have not been able to work in the past five years. And now I'm on disability. Can I file bankruptcy and if I do what will happen I have several judgments against me. I live in Indiana thank you for your advice Bruce
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
1) What is the current market value of the house you live in?
2) What is the balance on the mortgage for that house?
3) What is the current market value of the house you are renting to someone else?
4) What is the balance on the mortgage for that house?
5) Have you lived in Indiana continuously for the past 2 years?
Customer: replied 2 years ago.
The house my brother and I own around 100,000 is paid four we got it when my parents died through inheritance. Rental house around 25,000 balance 18,000 I have lived in Indiana for the past two years
Expert:  cfortunato replied 2 years ago.

Given the information you provided, you can file a Bankruptcy, but you would not be able to keep the home that you live in, because your equity interest in that property is more than $27,000 - which is the homestead exemption amount for Indiana. The Bankrutpcy trustee would be able to sell that property - even though you co-own it with your brother. The trustee would then have to give $27,000 to you, $50,000 to your brother, and the rest would go to your creditors.

However, you would be able to keep the rental property if you moved into that property and made it your primary residence.

Additionally, if you file a Bankruptcy, all your debts and judgments can be discharged, so that you will not have to pay them.

 

I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer: replied 2 years ago.
Thank you
Expert:  cfortunato replied 2 years ago.

Y

Expert:  cfortunato replied 2 years ago.

You're welcome!

But before you leave, please don't forget to hit the "ACCEPT" button.

Thank you.

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