You are here:
- Home
- Shopping
- Credit/Debt Management
- Creditors and Bankruptcy
- divorce and bankruptcy
Creditors and Bankruptcy/divorce and bankruptcy
Advertisement
Question
I want to file Chapt 7 due to 80k in credit card debt. My husband does not want to file because it is not his debt and we are contemplating divorce. I need to file Chapt 7 because I know I can't pay my bills if I am single. I am already paying our extremely high mortgage since he is now acting as a single person. I was told that I don't pass the means test. I make 69k/he makes 74k. But he is not giving me any money. Why do I have to add him to my bankruptcy? He also does not want me to file because he thinks i will give his rental property up since we co-own it. Can I discharge the rental property and just pass the mortgage to him to pay? Can I file Chap 7 without his income? Do I file before or after our divorce. I dont want to risk losing my home while all this is sorted out.
You may attempt to file bk 7 without him but you may not qualify under the new rules. If you have even a small amount of income left over after basic living expenses you may be required to file chapter 13. You may exclude certain debt and pay it outside the plan but I don't recommend this.
In order to determine whether you qualify for ch 7 you will need to meet with an attorney or two and get their advice/. I could not complete any type of assessment or give any specific advice with this limited information. It sounds like your estate is somewhat complicated to answer your question.
Related Articles
Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. We are well versed in Loss Mitigation practices and the legal collection process. We have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.
Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.
©2012 About.com, a part of The New York Times Company. All rights reserved.