two quick questions please on bankruptcy.

[jedidiahx2]

What is the name of your state?

Missouri
Hello. We lost our home and will be bankrupting. Two questions please. I am married but do I myself have to bankrupt because my husband will, we are together of course, I am just wondering since we are married is this the usual process that I too must bankrupt.

Second. If we bankrupt and I do as well, will I be able to get any student loans for nursing school, I have been cleaning houses for a long time and I must change careers and want to go back to school, will the banktrupcty stop me from doing this if I indeed banktrupt.

Thank you.

Again, about bankruptcy

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What is the name of your state? Missouri

What happens at the time of bankruptcy, my husband and I have an account together at a said bank, then I also have a separate savings with my daughter in its own at the same bank. Now...my husband and myself will bankrupt together and with a loan amount that bears his name only, at this particular bank, so will this affect my savings account with my daugher and me? I also receive a small monthly pension check from my ex as it is an automatic deposit into my savings account with daughter. Can they take this money as well and or fool with that account?

Now the loan my husband will bankrupt with this bank is in his name only, just our checking account is in both our names at the is bank, then my daughter and myself are separate from him with a savings account. Do they take all your money and can they take my pension deposit with my daughter and me only on a separate savings account?

Thank you

Sherri

[moburkes]

You both don't have to BK, but remember that, whatever he bankrupts but you don't, you will be responsible for the entire amount, not just half. Yes, you can still get student loans if you file BK.

[jedidiahx2]

Originally Posted by moburkes

You both don't have to BK, but remember that, whatever he bankrupts but you don't, you will be responsible for the entire amount, not just half. Yes, you can still get student loans if you file BK.

Thanks so much here Moburke, I feel 10 times better now, its been a long hard road but we will recover somehow some way.

Sherri

[bigun]

Just to flrsh out Moburked answer.
If the debts are joint, all liability will fall to you if you don't file bk. So, the thing to do is be sure all debts are in your husbands name.

[racer72]

I would like to point out that student loans granted after bankruptcy will have high interest rates, shorter payoff periods and and no allowances for deferral.

[jedidiahx2]

Originally Posted by bigun

Just to flrsh out Moburked answer.
If the debts are joint, all liability will fall to you if you don't file bk. So, the thing to do is be sure all debts are in your husbands name.

Well the bummer part is, I owe nothing, ya nothing, 0 balances on my 3 credit cards, after that I only have insurance policies on my in case of my demise and this is for my kids in which wont be part of the bankruptcy.

Thanks for all your replies

Sherri

[moburkes]

Originally Posted by jedidiahx2

Well the bummer part is, I owe nothing, ya nothing, 0 balances on my 3 credit cards, after that I only have insurance policies on my in case of my demise and this is for my kids in which wont be part of the bankruptcy.

Thanks for all your replies

Sherri

Those insurance policies might become part of the bankruptcies. You don't get to decide what to include in the BK. You must list ALL debts and ALL assets.

[jedidiahx2]

Originally Posted by moburkes

Those insurance policies might become part of the bankruptcies. You don't get to decide what to include in the BK. You must list ALL debts and ALL assets.

Heloo, no the Insurance will not be included in on the bankruptcy policies as we have found this out already thank you anyway. but I am still wondering of the second statement I made due to the accounts.

You can pick and choose for the most part, what happens is...if you dont include all debts that you want to eliminate then you will still be accountable to that debt if its not noted properly. However, any assets, or obligations on going must be reported, doesnt matter what it must all be reported, in this we agree.

Sherri

[jedidiahx2]

Originally Posted by moburkes

Those insurance policies might become part of the bankruptcies. You don't get to decide what to include in the BK. You must list ALL debts and ALL assets.

The insurance policy is not an incurred debt, nor is it behind.

Sherri

[bigun]

You can pick and choose for the most part, what happens is...if you dont include all debts that you want to eliminate then you will still be accountable to that debt if its not noted properly

This is not correct. The code requires you to list ALL creditors.
Sometimes, creditors are inadvertenly left off but, if you do know of a creditor, you must list them. The legal way to still be responsible for your debt is to, list them and reaffirm. Also, if you don't reaffirm, the code does allow you to voluntarily repay a debt post bk. Don't jeopardize your bk by failing to disclose.
Also, should you inadvertenly fail to list a debt and the bk is no asset, the debt is very likely discharged anyway.

[url]http://www.usdoj.gov/ust/eo/public_affairs/articles/docs/abi012001.htm[/url]

[Ladynred]

You can pick and choose for the most part, what happens is...if you dont include all debts that you want to eliminate then you will still be accountable to that debt if its not noted properly.

No, you cannot. ALL debts MUST be included in a bankruptcy, there is no cherry-picking which ones to include. IF you file with your DH, then all of your accounts that you owe anything on must also be included. If a Trustee were to find out you deliberately 'hid' a debt, you could have bigger problems.

As for the insurance policies, they are not debts, but the ARE ASSETS - or rather they MAY be assets - which would have to be listed if considered as such.

[moburkes]

Thanks, LNR. I tried to tell her.

[Betty]

Yep - I agree also. Life ins. "may" be an asset (ie they could have a cash value).

[jedidiahx2]

Originally Posted by Ladynred

No, you cannot. ALL debts MUST be included in a bankruptcy, there is no cherry-picking which ones to include. IF you file with your DH, then all of your accounts that you owe anything on must also be included. If a Trustee were to find out you deliberately 'hid' a debt, you could have bigger problems.

As for the insurance policies, they are not debts, but the ARE ASSETS - or rather they MAY be assets - which would have to be listed if considered as such.

I dont know why this is so hard for everyone to understand, of course I will list all my debts never said I would not. What I am saying by picking and choosing your debts is....if you do not list all incurred debt then yes you will be liable for them, regardless they are paid or not, regardless rather you turn them in or not, and yes this can turn around and bite you in the end later, this I am aware of. I have talked with several insurance agents who have people who have filed BK and they did hot have to give up their life insurance policies, so I did a search on the net and found out that they were correct. I am going by what was said, so I dont know. The proof will be in the pudding. If you so ( CHERRY PICK ) anything in a BK then of course you will eventually be found out, only and idiot would do that, now can you??? yes. should you??? no. How hard is that?

Thank you Sherri

[moburkes]

Sherri, there are different types of bankruptcies. There are different types of life insurance policies. So, unless these insurance agents know what type you are filing, what your assets and liabilities are, what your income and expenses are, and what the means test is for YOUR PARTICULAR situation, then they don't know the answer for your specific situation. And, if you spent that much time explaining all of the above with your life insurance agent, then you had time to spend with a BK attorney whose job it is to answer your questions and make suggestions for your personal situation.

If you're NOT looking for assistance here, then what are you looking for?