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  1. #1
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    Apr 2009
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    Default Indiana Home Judgment

    My question involves judgment recovery in the State of: Indiana
    My parents owned a business that purchased some houses. They personally guarantied the loans. The loans have been forclosed and now they have a judgment against them.
    First how long does the judgment last?
    Since they have no money or equity in their home to pay it back what could the bank do about it? (Their personal home is not with the same bank)
    I have heard the judgment can last for 10 years can they renew it after that?

  2. #2
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    Apr 2008
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    Default Re: Indiana Home Judgment

    Quote Quoting tallkid77
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    My question involves judgment recovery in the State of: Indiana
    My parents owned a business that purchased some houses. They personally guarantied the loans. The loans have been forclosed and now they have a judgment against them.
    First how long does the judgment last?
    Since they have no money or equity in their home to pay it back what could the bank do about it? (Their personal home is not with the same bank)
    I have heard the judgment can last for 10 years can they renew it after that?
    In Indiana the SOL is 10 years and yes it can be renewed. Here is a link;

    http://www.suzeorman.com/igsbase/igs...ExpertiseID=24

    Since they own a home that has little equity this would be a good time for them to consider a chapter 7 bankruptcy.

    This way the judgment can be discharged in a BK and they will not owe the money. The time to file a bankruptcy is when you have no money and little assets. They can restart their life this way and not have to worry about this old debt in the future.

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