My question involves bankruptcy in the state of: Indiana
Husband and I are 66 and 74. We have back taxes we are paying on (20,000), current credit card debt we are paying on (10,000), and lien on our property that we are not paying on (45,000). We live on social security only. No investments, no savings, no pensions. We just barely pay the bills each month. I am selling a second home I owned prior to marriage in my name only on land contract but have only received $5000 from it with a $12000 payment due this year (although with the current state of the economy I am not sure they will be able to make the payment and it is my granddaughter). We got so far behind and slapped with taxes and credit card liens on house when we tried to do debt consolidation in 2015. Company we used took us for a ride.
We really want to sell current home in 3 to 5 years and move into more manageable place but with the liens I am not sure that could be done. We are looking at fining bankruptcy, most likely CHapter 13 but an concerned with the second house we are selling on land contract how that all would work out. We would also like to negotiate on the credit card liens on the house but dont know if that is possible if you file Chapter 13. Since my granddaughter is buying it, she can't get a mortgage due to her credit history and I dont feel like I can pull the land contract and sell it from her.
Any suggestions or thoughts?