Results 1 to 10 of 11

Threaded View

  1. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Can I File Bankruptcy

    First of all, until one of your creditors sues you and gets a judgment, they can't take anything from you. Even with a judgment, both your social security benefits would be exempt from judgment so they won't ever be able to get it.

    IRAs and 401(k)s are exempt from judgment so don't use any of that money to pay debts. It would be like throwing money down the toilet.

    Unfortunately, bankruptcy in Indiana is quite risky because of the limited exemptions.

    Your residence is only exempt up to $19,300 (Statute 34-55-10-2) in equity so if your home is worth substantially more than the $40,000 mortgage + the $19,300 exemption you would have to sell your home and use the proceeds to pay debts before you can discharge remaining debts.

    Indiana doesn't have a specific exemption for vehicles but does have a wild card exemption of $10,250 (Statute 34-55-10-2(c)(2)) that can be applied to home or vehicles.

    Any money you get from the sale of the other property would go to the bankruptcy trustee.

    I suggest you consult a bankruptcy though it might be to your advantage to stop paying anything but your mortgage as you might very well be judgment proof. Also keep your money out of banks in case you do get sued.

    1. Sponsored Links
       

Similar Threads

  1. Bankruptcy Issues: Is Social Security Disability Income Protected in Bankruptcy
    By lawfacts in forum Bankruptcy Law
    Replies: 1
    Last Post: 11-16-2016, 06:22 AM
  2. Retirement Benefits: Can You Earn an Income While Getting Social Security Retirement Benefits
    By lawfacts in forum Social Security Law
    Replies: 1
    Last Post: 09-28-2016, 11:32 AM
  3. Retirement Benefits: Effect of Income on Social Security Retirement Benefits
    By JQx5Rc9 in forum Social Security Law
    Replies: 10
    Last Post: 09-01-2015, 06:45 PM
  4. Disability Benefits: Social Security Disability Benefits And Household Income
    By deimiitsu in forum Social Security Law
    Replies: 1
    Last Post: 05-16-2008, 11:26 PM
  5. Survivors Benefits: Parental Income and Social Security Survivor Benefits
    By tcn53 in forum Social Security Law
    Replies: 1
    Last Post: 10-17-2007, 11:24 AM
 
 
Sponsored Links

Legal Help, Information and Resources