Indiana Bankruptcy Legal Questions

If you are converting your case from chapter 13 to chapter 7 which is keeping the same case and just changing the chapter, the certificates and classes you already have should be fine. However, if your chapter 13 case is dismissed and you want to file a new chapter 7 case, the credit counseling certificate is good for only 180 days. If it is dated within 180 days of the filing date of the new chapter 7, then yes you can use the same class twice.... Read More

There are too many different variables to answer the question of what will happen to specific assets, as it currently is asked.  It depends on numerous factual issues.   You should consult a local bankruptcy attorney because each state has unique exemption laws and a local attorney can determine what assets can be exempted.  Most bankruptcy attorneys offer a free initial consultations to determine if bankruptcy is appropriate. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

It depends on what you want to do. If you want to keep the house, you will need to keep making the mortgage payments, The property is still yours, so you can sell it, but if you are going to sell it, the loan would need to be paid off or approved by the bank if by short sale. If you are upside down on the house and you filed a Chapter 7 case and did not reaffirm your house note, you may be able to walk away from the house without any repercussions. In general, a house debt has 2 aspects to is: 1. Is your personal obligation to pay the mortgage and 2. The banks lien on the property. The Bankruptcy discharges your personal obligation but not the banks lien, so if you quit paying the mortgage, the bank can foreclose, but if they do, remember, your personal obligation has been discharged (as long as you did not sign a reaffirmation agreement). You may be better off letting the house go and buying the other property you are interested.... Read More

You did not need to reaffirm and now it sounds like its a good thing you didn't. The mortgage company is using that as an excuse to not refinance. Go somewhere else. If they foreclose all they get is what they sell it for, whereas if you had reaffirmed and they foreclosed they could come after you for any remaining moneys owed after the sale. Find someone to work with you to get pre-approved. Maybe try to sell the house.... Read More

I'm not sure what you're really trying to ask.  Are you concerned that your 401k distribution will be taken by the Trustee in bankruptcy?  Or are you concerned that the income from the 401k distribution will render you ineligible?   These are both possibilities. If you receive the 401k distribution within 6 calendar months prior to filing your case, then it will be considered income on the "means test" and, as such, can impact your eligibility to file Chapter 7 or may affect your payment amounts in a Chapter 13. As for the money itself, it (whatever you have on the date your bankruptcy case is filed) is protected depending on the amounts and the exemptions laws of whatever state is applicable in your case.  Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period. Mark Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr    ... Read More

Filing bankruptcy is a decision that should be made only after consulting with an experienced, knowledgeable attorney. In conjunction with the attorney, you need to review your debts, your income, your expenses and your assets to determine if you are eligible and if bankruptcy is your best option for resolving outstanding debts. Sometimes, it is not the best option. Further, there could be reasons to delay filing. In short, unless you know a lot about bankruptcy law, or are going to put the time into learning - hire an attorney. Most bankruptcy attorneys, for what sounds like it could be a very simple case, are very reasonable and won't charge you too much money compared to the relief you will receive. To answer your question, you have to provide detailed information about everything you own or are entitled to receive, all of your debts, your income, your expenses and a series of questions about past financial dealings. Depending upon your level of income, one of the hardest parts for a non-represented party to deal with is the Means Test - the test which determines if you are even eligible to file Chapter 7 bankruptcy. My best advice is to consult an attorney. I should note that I am not licensed in Indiana to practice law, but none of the foregoing is specific legal advice - just general information which is applicable in all Bankruptcy matters. David L. Gibbs, Esq.The Gibbs Law Firm, APCSan Clemente, Californiagibbslaw.com *Due to the limitations of the Lawyers.com Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. Further, information you provide to the Firm through this website is not confidential - it is available publicly to anyone visiting this website. The Firm shall have no obligation to keep the information you provide herein confidential in any context. The information provided herein by the Firm is general, and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. §528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."... Read More

If your repayment plan is less than a 100% plan, the trustee is entitled to all of your "disposable income" throughout the term of the bankruptcy. This is calculated by looking at your income and subtracting reasonable monthly expenses. Any additional money you have is then "disposable." He can take part or all of your tax return (which I am sure he has, every year) lottery winnings, inheritances and awards from lawsuits. If you had gone out and worked a second job, he would have taken that money too. You should listen to your attorney, turn over the money, and smile. Especially, if you get to keep half.... Read More

Assuming you listed these personal belongings (and the value thereof) on Schedule "B" to your bankruptcy petition as required, you would need the Trustee's permission to bring the lawsuit in small claims court, or wait until your bankruptcy case is closed to do so. If you did not list these belongings on your bankruptcy schedules, you need to amend your schedules immediately to reflect that asset.  A failure to do so could be considered fraud, and is a basis to deny (or later void) your discharge, as well as other possible sanctions. Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr  ... Read More

There are strict rules as to when debts owed on taxes can be included in a Bankruptcy.  You should contact a competent bankruptcy attorney, who has experience in dealing with taxes and how they are discharged in bankruptcy.  Once the attorney has reviewed your particular facts he or she can offer you a better idea of whether your taxes can be discharged. ... Read More

Most attorneys are going to require that you pay your bill before filing for a Chapter 7.  The going rate in the South Bend area is about $1,000 to $1,500 for a chapter 7.  Your best bet is to just pick up the phone and start calling around.  Many bankruptcy attorneys offer low cost or free consultations so that way you know what sort of fee you would be looking at. ... Read More

You can definitely file Bankruptcy, but you should consult with an experienced bankruptcy attorney.  It appears that one problem you may run into is with the Means test.  If it is just you and your husband then you may be real close, if not over the median income for a two (2) person household in Indiana (this is before you count the rental income, which may or may not be income depending on how it would be presented).  Many bankruptcy attorneys offer low cost or free consultations to at least give you an idea of what to expect (whether you would qualify for a Chapter 7 or be forced into a Chapter 13, due to not qualifying for income purposes).  But, just having the rental properties will not cause you to be unable to file for bankruptcy.  You can include (actually must include them if you are a sole proprietor) the property and even surrender them back to the bank with no further obligation if you so chose. ... Read More

First, taxes and bankruptcy is a complicated issue.  This is an area that many bankruptcy attorneys get kind of squimish about.  It really depends on what type of taxes you are talking about and have you filed your return, made payments of any sorts, etc.  The best recommendation that I can give you on this matter is to talk to a bankruptcy attorney that has experience dealing with getting taxes discharged as part of a bankruptcy proceeding. ... Read More

If you are going to miss payments that are due in your Chapter 13 case pursuant to a confirmed plan, then you need to file a motion to modify or suspend the plan payments.  Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr  ... Read More

It depends on several things: your income, your other debts, your goal for a bankruptcy. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.... Read More

If your bankruptcy has already been filed, you should talk to you bankruptcy attorney about amending the schedules.  If the claim to this money owed arose before you filed bankruptcy then it should be discharged.  If however, the claim arose after you filed bankruptcy it could be much more difficult to get it discharged.... Read More

Yes, you must file in which ever state you have resided the longest during the 180 days prior to filing your bankruptcy.  However, if the filing state is an opt out state (meaning it does not follow bankruptcy code property exemptions but rather it's own state law exemptions) then you will have to follow the state where you have lived the longest period of time over the course of 1070 days, which usually means the prior state where you resided.  If you wait 91 days after you move to Pennsylvania and then file there, Pennsylvania will be the proper venue, but you will have to use Indiana exemptions.... Read More

Go to: http://www.in.gov/judiciary/probono/2343.htm   You will find information on Indiana's pro bono help by each district. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More