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Strategy For Claiming Bankruptcy

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Biomatrix

Guest
What is the name of your state? NY

We might have to go for a Chapter 7 bankruptcy since debt consoladation
will not work and was wondering about strategy. My strategy is to have my wife file for individual bankruptcy if I can do what I propose below.

Since my wife has not worked in over a year and she is listed as the primary card holder on 6 of the 7 credit cards, I was wondering if the joint accounts can be converted to individual accounts and have me removed as an authorized user on the others. Basically what I want to do is separate the financial responsibilities.

Additionally I have an outstanding $15,386.26 balance on a $25,257.06
loan taken out for a new car. The loan is in my name only and will be paid off in another 2 1/2 years. I can make the monthly payments with no problem and was wondering if we have to jointly file for bankruptcy if I would be able to keep the car.
 


HomeGuru

Senior Member
Biomatrix said:
What is the name of your state? NY

We might have to go for a Chapter 7 bankruptcy since debt consoladation
will not work and was wondering about strategy. My strategy is to have my wife file for individual bankruptcy if I can do what I propose below.

Since my wife has not worked in over a year and she is listed as the primary card holder on 6 of the 7 credit cards, I was wondering if the joint accounts can be converted to individual accounts and have me removed as an authorized user on the others. Basically what I want to do is separate the financial responsibilities.

**A: nice try but no dice.
*************

Additionally I have an outstanding $15,386.26 balance on a $25,257.06
loan taken out for a new car. The loan is in my name only and will be paid off in another 2 1/2 years. I can make the monthly payments with no problem and was wondering if we have to jointly file for bankruptcy if I would be able to keep the car.

**A: sell the car and use the money to help your wife.
 
B

Biomatrix

Guest
Originally posted by HomeGuru

**A: nice try but no dice.

Great explanation of why not.

**A: sell the car and use the money to help your wife.

I don't much care for the implication that I'm not helping my wife. The whole idea is that one of us would still have a decent credit rating at the end of a bankruptcy. Also the current book value of car is not even enough to pay off the loan balance.

If you have nothing but one line, worthless answers to contribute then find another place to hang out.
 

racer72

Senior Member
Great explanation of why not.

The credit card companies will gladly remove your name from the accounts but the debts incurred while your name was still on the accounts still belong to both of you. You cannot transfer liability for the debt just by removing a name from an account.


I don't much care for the implication that I'm not helping my wife. The whole idea is that one of us would still have a decent credit rating at the end of a bankruptcy. Also the current book value of car is not even enough to pay off the loan balance.

Even if your wife alone files, your credit is screwed too. It is almost impossible to hide a spouse from the effects of a bankruptcy. I would suggest talking to an experienced bankruptcy attorney, there are ways to minimize the impact of a bankruptcy to the non filing spouse.
 

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