on a mortgage repayment plan but want to file BK

[indytrainer]

Greetings. 1st time poster.

I'm on a repayment plan with my mortgage company. I owed for oct, nov, dec, jan when they approved the plan in feb. if i make 4 timely payments starting march 1st they will again review my request to put the 4 months i fell behind on the backside of my loan.

Now i want to file BK but it will void the repayment plan essentially putting me 5 months behind. i just received a lump sum that i could apply towards the motgage that would cover oct-jan payments.

Should i do that or find more creative ways to dispose of the cash. We are filing a joint BK in IN and are allowable exemptions exceeds our total assests. Our main concern though is keeping the house. I also just read of someone perhaps doing a "concent order". Could someone please explain.

Thanks for your help

[SinkingFast]

I don't know what to tell you about your house deal. Maybe others with more experience will chime in. Just from what I've learned,........ Even if you are below the Median or Pass the Means Test, your Trustee or the Judge could see that arrears as a problem and object. I may be totally wrong there, but it could look like you intentionally set out to defraud your lender by making a payment arrangement you had no intention of fulfilling. The Trustee or Judge could see it as you acted in bad faith.

Here's a website I found with the current, updated IN exemptions.

http://www.bjosephdavis.com/indiana-...exemptions.php

The exemptions were overhauled last year and updated. If you are filing jointly, you get $15000 homestead exemption ($7500 each), and $16000 ($8000 each) for household, vehicles, etc. You can use the $8K any way you want. You could use $2K for household and the rest on vehicles. Whatever way you want. IN is relatively generous compared to some states.