Expert: Terry Leeders - 11/21/2007

Question
I have some questions about bankruptcy. We just moved from ND to GA. We have condo for sale in ND with home equity loan on it. We are living off one pay check in GA right now because no one has hired my husband yet. If we would not have been told that he could get a job no problem here we would have stayed where we were. I am getting frusterated with no being able to pay the bills and watching the amount they want per month climb sky high. We thought of debt consolidation but can not afford 400 a month. I can not make enough to pay our regular bills. I make enough to pay 2 cars and part of the rent thats all. I was thinking of bankruptcy 13 but i would not be able to afford payments on that either. I do not want to loose my cars or nothing. My husband does not want to claim with me and he is on alot of my credit cards, home equity and everything with me. Can i still file with him on my cards? What would the payments be like if i were to do this? I want to get out of our apartment and find something cheaper but he went to FL for security classes to get job there since noone here as called him yet. So we might end up moving again. What can I do? I need major help??
thanks Jamie

Answer
You have several questions here.
If you have any joint/cosigned debt with your husband, he will still be responsible for the entire balance if only you file bankruptcy.  The court factors in the whole household income and expenses under the 'means test' in calculating which chapter would be best.  You can file an individual ch13 and pay those cosigned debts 100% to keep your husband off the hook.  You can break the lease and include that into your bankruptcy as well.  The plan payment would be based off of income, as well as factoring in any assets, in case the home has unprotected equity.  You should sit down with a local GA attorney to help assist you.