Who filed Ch 7 and kept their home?

[anonymuse]

I'm getting ready to go Ch 7 once I find a good lawyer. I'm under median income and have equity in the house that puts me right barely below the homestead exemption limit. I've never been late on a mortage or home equity loan payment in my life.

Wondering who has filed chapter 7 and has been able to keep their home?

How close were you to the homestead exemption limit?

[notme]

We filed ch 7 2/28. I am over the median income. I probably have about 6k in equity. We also have a first and second mortgage. At our meeting last week the trustee did ask about our house and what it was appraised for,and since we live in a growing neighborhood the prices are going up fast. Then he asked if we thought it had went up since the last appraisal which was 1yr1/2 ago and we said probably . After that he didnt bring it up again. I think he wanted to see if we would be truthfull or lie about it.
So I dont think we will have a problem keeping our house.(knock on wood)
Good luck with your case. Hope all works out for you.

[anonymuse]

What's the homestead exemption in Indiana?

[notme]

What's the homestead exemption in Indiana?

I think the homestead exemption limit in Indiana is $7,500

[anonymuse]

Wow! That's incredibly low! Luckily its $45,000 here.

[notme]

hmmm I think I am wrong about that amount. Thats a big difference. I'm gonna read and found out for sure.

[anonymuse]

hmmm I think I am wrong about that amount. Thats a big difference. I'm gonna read and found out for sure.

As of July, 2005, new exemptions: $15,000 homestead
$ 8,000 wildcard
$ 300 cash
Partnership assets protected still as are retirement and med saving plans;
CANNOT use federal exemptions instead of state.
(Indiana Code 34-55-10 )

http://www.bankruptcyforum.com/t248-indiana.html

[gacreditguy]

was able to keep my home and I filed CH7

[free1019]

I kept my home in 7. I filed under the old law and even though my home is worth about 275,000.00 (my guess) there is hardly any equity in it. Trustee wasn't even interested in my home and its in my husbands name. Now, 6 months later my husband is filing (he refused to file with me before, now he had to), under the new laws and same thing. Not enough equity and we were never late, so he will just sign a reaffirmation aggreement keeping the original loan on the house and you keep the house and the loan. When I filed I filed pro se without a lawyer, did it all myself and there was not one mistake on my petition, no problems and was discharged without a problem. My husband hired a lawyer and its been nothing but problems and mistakes etc. I think because the lawyer doesn't have a vested interest, and the office staff does most of the work and they are doing numerous cases, they tend to make more mistakes. Because it was my life and my case I was VERY careful and had zero mistakes, and it only cost a couple of hundred dollars to file myself with the court. Bottom line, you should be able to keep your house if you are up to date with payments and you reaffirm the debt on your petition and do not have excess equity. Not sure what the quidelines are now. I used a computer program to do mine. Hope this helps and good luck!