Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
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.
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