bankruptcy and spouse

[sweete30]

What is the name of your state? Michigan

I am about to file for chapter 7 and had a couple of questions.

I am filing just my debt, spouse is not filing.
How will it effect him if we have a credit card that has both our names on it, I am an account holder on this card, but I am not including it in my bankruptcy???
Only including debt that has my sole name on it.

How will my mortgae be affected?

What can they take from me, I currently have a car under my name but it is only worth $1500.00. I also have a few collectables not worth more that $ 500.00 and some craft items not worth more that $ 1000.00.

I am currently looking for an atty.

 

[Ladynred]

How will it effect him if we have a credit card that has both our names on it, I am an account holder on this card, but I am not including it in my bankruptcy???
Only including debt that has my sole name on it.

First of all you can NOT exclude ANY debt. If your name is on it you MUST include it -- unless you want you case dismissed for fraud.

The only thing that will happen is that your husband will be held solely liable for the account if he's a co-signer. If he's just an authorized user, they can't go after him for anything.

How will my mortgae be affected?

It shouldn't. If you're current and want to keep the house, you reaffirm the loan and go on as usual.

What can they take from me, I currently have a car under my name but it is only worth $1500.00. I also have a few collectables not worth more that $ 500.00 and some craft items not worth more that $ 1000.00.

Probably nothing, but do NOT mention 'collectibles'.. the Trustee will dig into that unless you can PROVE their value fits into your exemptions.

The MI exemptions are here - this is what you get to keep:

http://www.bankruptcyaction.com/miexemptions.htm

You're allowed to choose Federal exemptions instead of state, so those are here:
http://www.bankruptcyaction.com/fedexemptions.htm