I am in a word of medical debt close to $90,000 and climbing and a few other debts. I own my home and see no other way out other than filling bankruptcy. My house is worth $45,000 and I would like to keep it. I live in Indiana and would get $17,000 exemption. If I put my wife on the deed we would get $34,000 exemption not enough to save the house plus we would have to wait 2 years. I had good credit until I broke my back, lost my job. I am back to work but now have a garnishment and others in line. I was thinking if I could find a lender that would give me a mortgage for say $30,000 and they keep the money in some kind of savings account that I could not touch and make the mortgage payments. Does anyone think this would work??. I know this sounds crazy but I'm just trying to find away to save my home if I file. Thanks for any reply
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Finding a way to save my home if I file bankruptcy
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If I put my wife on the deed we would get $34,000 exemption not enough to save the house plus we would have to wait 2 years.
I was thinking if I could find a lender that would give me a mortgage for say $30,000 and they keep the money in some kind of savings account
You are most likely looking at a Chapter 13 to protect the non-exempt property. You need to sit down with several different attnys to go over your options.
Des.
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Despritfreya wrote what I would have written. A Chapter 13 may be the only hope to save the home. A Chapter 13 is really goal specific and many people use a Chapter 13 to save property. The only issue is that you will have a high percentage payback to your creditors since you may have above $28K exposed due to the equity in the property. I would personally speak with several bankruptcy attorneys in your area so they can review your case and situation.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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