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Exemption question 7 vs. 13? What would YOU do?

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  • Exemption question 7 vs. 13? What would YOU do?


    I was going to file 7, but now am debating chapter 13. I currently owe $103k combined on 1st&2nd mortage, and the trulia/willow "ZESTIMATE" have it valued at $128K ($25k supposed equity?)

    The Indiana homestead exemption $19,300, which would leave me with $5,700 equity not exempt. Real estate commissions and fees of greater than 6% would strip that $5700 equity in a heart beat. The vehicle and home furnishings would complete the wildcard exemption. (THIS IS WHY I THOUGHT Chapter 7)

    BUT, I am 1 month behind on mortgage payments and 1 year behind on both HOA fees and property taxes,
    So maybe chapter 13 is the direction I need to go.

    Thanks for any input.
    Last edited by bubbadirect; 11-26-2017, 02:34 PM. Reason: Add tags

  • #2
    Hi Bubba, I tried to look back through your posts to see if you and your spouse are filing together. I am in Indiana also, and I just wanted to make sure you understand that the home exemption is doubled for a married couple filing together. So you have almost $40,000 of exemption there for your home if that is the case.

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    • #3
      Originally posted by Chrysalis View Post
      Hi Bubba, I tried to look back through your posts to see if you and your spouse are filing together. I am in Indiana also, and I just wanted to make sure you understand that the home exemption is doubled for a married couple filing together. So you have almost $40,000 of exemption there for your home if that is the case.
      Chrysalis, so true...BUT she is not on the mortgage or deed. So I only get the $19,300 exemption on the homestead I believe. Sigh...

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      • #4
        Originally posted by bubbadirect View Post

        Chrysalis, so true...BUT she is not on the mortgage or deed. So I only get the $19,300 exemption on the homestead I believe. Sigh...
        Something about that statement just doesn't seem right to me. But I'm not at home on my computer to research it.

        We're allowed a certain amount for belongings, and a certain amount for cash in the bank, per person. Doesn't matter if each person is working, or who paid for what, or whose credit card the debt may be on for those things. You know what I mean? I don't ever remember reading that the equity in the home would only be allowed if the spouse was on the mortgage. Just, if you're filing together, it's doubled.

        Now you've really got me curious.

        Comment


        • #5
          According to Nolo, each spouse must have an interest in property to double the exemption. https://www.nolo.com/legal-encyclope...xemptions.html.

          If you want to keep the house, in addition to the exemption issue, you will need to bring the house current and pay the property taxes and maybe pay the pre-petition HOA fees if the HOA has a lien and the power to foreclose. If that is the case, a Chap 13 very well may be your best option. You need to discuss this with your attorney.

          ETA: bubbadirect, I see in another post that you were considering using an online petition preparer to file your bankruptcy. Since you have a non-exempt asset, I strongly recommend that you hire an attorney. If you file Chap 13, I would recommend you hire an attorney even without a non-exempt asset.
          Last edited by LadyInTheRed; 11-27-2017, 08:27 PM.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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          • #6
            Thanks, Lady. I saw that wording yesterday, too, when I got to do a little googling.

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            • #7
              Originally posted by LadyInTheRed View Post

              If you want to keep the house, in addition to the exemption issue, you will need to bring the house current and pay the property taxes and maybe pay the pre-petition HOA fees if the HOA has a lien and the power to foreclose. If that is the case, a Chap 13 very well may be your best option. You need to discuss this with your attorney.
              Thank you so much. I believe that we still could get by with chap 7. But like you said, the HOA fees (160) and property taxes for 2017 (1400) and mortgage in arrears by 30 days of (620) need to be paid first. So we might have to chap 13. Hmmmm.

              I meet the first BK counsel on Thursday.

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