individual filing on co-owned loan

[hotmot]

What is the name of your state? Virginia

I am considering filing Chapter 7 due primarily to overwhelming credit card debt incurred while waiting for child support to begin, but as divorce decree states, will not begin until marital home is sold. A year and a half has passed since the house was refinanced and $50,000 in equity was taken out to finish upstairs of home to increase sale price. Ex refuses to finish the upstairs, so I have not agreed to sign the papers to sell until he agrees to give me 1/2 of the equity he kept in lieu of finishing the house. Ex-husband and I co-own a timeshare with a loan balance of $7000, co-own 2 vehicles and the marital home, which hopefully will be sold within a year, if he agrees to the terms. Ex has defaulted on timeshare payment and judgment threats have begun with all of the garnishment trimings included in the threatening phone calls. Can I file the timeshare in the Chapter 7 even if I am the only one filing? I don't want to include the co-owned vehicles or the house. I just can't afford to take over the timeshare payments, so it will definately continue to be in default.

[bigun]

You can't pick and chose your creditors. You must list all creditors in your bk petition.

[Gregeney]

Bigun is correct.

However the debts you listed as wanting to keep are very likely secured debts. Secured debts like car loans and mortgages can be reaffirmed if you can show that you can afford those payments and your living expenses. "Reaffirmed" basically means that you have pulled those debts out of the bankruptcy so that they will not be discharged with the other debts.

[Ladynred]

"Reaffirmed" basically means that you have pulled those debts out of the bankruptcy so that they will not be discharged with the other debts.

Sorry, I gotta nitpick this just a bit
A reaffirmation doesn't take anything out of the bankruptcy, but it does exclude that debt from the DISCHARGE. Fine point, I know, but people think they can keep things out of the bankruptcy, and you can't, EVERYTHING goes IN.