Keep house and cars in Chapter 7?

[fedupw/ccdebt]

Have met with one attorney and will be meeting with a few others to go over options... Family of 4 in Indiana and will be very close to median level.

My question...is it possible to keep our house (payments are current, never behind, owe about $85,000 on a $97,000 loan) and cars (own outright...'95 Infiniti, '99 Venture, and '86 Crown Victoria that my son drives around town, all have well over 100,000 miles on them) when filing a chapter 7? I know that it probably depends on several things but wasn't real impressed with my first attorney meeting and would like to get some input here...

I continue to be impressed with the knowledge base here. I am so glad I found this website.

[CurtInKS]

I was under the impression from my attorney, if you don't have a ton of equity in your home, you can keep it, and each adult gets to keep a vehicle. I'm sure someone here who knows a ton more than me, can elaborate, but my wife and I have our home, we are current on payments, a blazer, we are current on, and an old grand prix, that's paid off, and he said we'd keep them all, in CH. 7.

[jal1129]

You need to look at and become familiar with Indiana exemptions for bk. After a quick glance it looks like you have $7500 exemption for your house with a $4000 wildcard which you can use for your cars (and personal property or whatever else). From my quick look it did'nt appear that the homestaed can be doubled for joint filers, although wild card usually can.

[fedupw/ccdebt]

Thanks for all the replies...have been checking around also and it appears that with joint filers the homestead exemption can be doubled to $15000, along with personal property to $8000...at least that is what I am seeing.

Has there been anyone from Indiana that has gone thru a Chapter 7, trying to keep house, cars, etc...and been successful? Any tips or thoughts would be appreciated.

[BKTango]

The median income for a family of 4 in Indiana is $66,649. Whether you can keep an asset or not does rely upon several different things. Number 1 being if you are current with payments and you have already said yes.
Two would be the Indiana exemptions. Some states allow you to use either state or federal exemptions and some states only allow you to use the state exemptions. From what I was able to find you may keep your home provided that you are current and have no more than $7500 in equity in your home....$15,000 if you are filing with a spouse. Any personal property is $4000 again it would be $8000 is filing with spouse.

Usually the vehicles you are allowed to keep 1 per driver/filer however, since those are what's considered "old and beater" the value on those wouldn't be much. I was able to exempt more than 3 vehicles just because they were older and not worth a darn to the trustee or anyone. Sometimes it pays off to have junkers instead of new cars.

Make sure you use "garage sale" pricing on all of your personal property, fair value on the vehicles taking into consideration repairs that may be needed and the wear on them. It would appear that you may just be able to slide under the radar on the home equity and just make it.

[Liaah]

I am in Indiana and currently in the process of filing. This is what my attorney told me about exemptions.

As of July, 2005, new exemptions: $15,000 homestead
$ 8,000 wildcard
$ 300 cash


These amounts are doubled if you file jointly. Not sure about the $300 though.

I was worried about our house because we have anywhere from 15 to 20 equity in it, but he said you get 30. So that takes care of that.

Goodluck and talk it over with your attorney.

[BKTango]

I am in Indiana and currently in the process of filing. This is what my attorney told me about exemptions.

As of July, 2005, new exemptions: $15,000 homestead
$ 8,000 wildcard
$ 300 cash


These amounts are doubled if you file jointly. Not sure about the $300 though.

I was worried about our house because we have anywhere from 15 to 20 equity in it, but he said you get 30. So that takes care of that.

Goodluck and talk it over with your attorney.

You might want to retalk to your lawyer. The homestead exemption for Indiana is $7500 married folks can double it to $15,000. The wildcard personal property is $4000 agains double if it married to $8000.

It appears as if you were told the doubled amounts and then there may have been some confusion beyond that.

[Liaah]

Real estate or personal property constituting the personal or family residence of the debtor of not more than $15,,000. The exemption is individually available to joint debtors concerning the property held by them as tenants by the entirety. Furthermore, other real estate or tangible personal property of up to $8,000 per debtor may be exempt. Personal property includes, but is not limited to, the following:

cash
bank deposits
jewelry
firearms
automobiles
boats
furnishing

I copied this off of my attorney's web site.

You should always consult an attorney on your own. Good luck!

[BKTango]

...apparently Indiana decided to increase their exemption by allowing the doubled amount of the original exemption per person now. Way to confuse a people Indiana . So from what I have been able to find, it is $15,000 per person/owner/debtor now instead of $15,000 per married couple/joint debtors.

[familyof7]

being that the vehicles are older you should be fine the 86 I would not price it more than 500.00 and the 95 2000.00 at most and the 99 3000.00 from looking at auto trader the infinity and the venture are on average going for that amount the 86 is hard to get a value on because of the age and on average 500.00 in good condiion unless it is a valueable car like bmw or mercedez

[fedupw/ccdebt]

I appreciate all the replies...continue to be amazed at the willingness of people on here to help out those in need!

Liaah, if you don't mind me asking, what is the website for your attorney? The reason I ask is I was also under the impression that filing jointly gave you the $15000 and $8000 exemptions...but from what you are saying if both my wife and I file (which we will), we can double those amounts? If that is the case...then wow! I am going to have to do some more checking on this before I meet with other attorneys next week.

Again, I appreciate everyones comments.

[Liaah]

I pm'd you with his site. Not that it is a secret, I just don't know if I am allowed to post lawyer sites on here.

Let me know if you got it!

[fedupw/ccdebt]

I did get it...thank you very much.

I am going to have to check on the exemption issue more closely... I hope what you are saying is true...not that I don't believe you,just that what I had been told is that it was $15000 and $8000 for joint filers. if what you are saying is true, then it will literally be a godsend.

Thanks again for sending me the info...will check into it.

[Liaah]

Don't worry about checking into it yourself. Everyone on here gives info to the best of their knowledge, but that is no substitute for legal advice.

Goodluck!

Just wanted to add, in case I was misunderstood, that I meant you definitely should check into it yourself. I re-read this later and thought, he probably thinks I am telling him not to check into it.

[JRScott]

I would go to NADA or Bluebook and get values for the cars (probably do both). You need to know their values. The 86 and the 95 are probably good, the 99 depending on value might be trouble but still its 8 years old so might be good

The home depends on the equity you have in it. You need to figure out how much equity you have in it and compare as others have said to your states exemptions.