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Indiana BK laws on new mortgage or quitclam deed

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    Indiana BK laws on new mortgage or quitclam deed

    I am in a world of financial medical debt to the sum of $90,000. I wont get into that story. In 2011 my father went into a nursing home and with a lawyer he had his home deeded over to me. he still has a mortgage on the house with a balance of $11,000 left. The bank was not happy about this at all but as long as the mortgage payments are made the bank has not demanded for the mortgage to be paid off. Now here is my question. I have a garnishment and other law suits and the only thing me and my wife of 20 years see is to file for BK. Can I have my wife put on the deed. In Indiana you get a homestead exemption of $17,000 and up to $34,000 if we file jointly. Now the house in not worth much because of the low property value area we live in. With having my wife put on the deed is there a waiting period to file BK? Or if we get a mortgage at a astronomical interest rate paying off just the balance. The mortgage in both our names would there be a waiting period for that also. Any replies would be very appreciated. I would just like to keep the home if I can.... Thank you
    Last edited by robertome36; 09-17-2016, 02:44 AM.

    #2
    I would suggest speaking to an attorney about this. Any title changes within a year or two of filing for bankruptcy will likely be investigated by the trustee and deemed fraudulent. You could end up losing the house, just for that reason.

    Also, it is not clear that you must put your wife on the deed to the house in order to use her share of the homestead exemption if you file jointly. In fact, when I filed for Chapter 7, a few years back, I used the exemptions for a married couple even though my wife did not file, and the trustee didn't challenge it. I live in a community property state, though.

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