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BK questions...drowning in debt, hubby's income affected?


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Ok, I know my story sounds familiar...I had 3 kids, had perfect credit until my hubby and I lost our jobs. THen we were living off of credit cards, receiving increases and the nine's to support ourselves.

Now, I am in deep; I am currently being sued by two creditors. Is it too late for me to file BK?

If I do file, how much (a estimated percentage)will I be required to pay back?

I do not own anything except for the clothes on my back and I work. We now have 4 kids.

Will my hubby's income be put into the bk calculation?

Thanks

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I'm pretty sure that if you two guys are still together, it would have to be a joint filing. I'm also pretty sure that with the new BK regulations, his income would have to be considered in the income test.

Most BK attornies will give a free consultation...go talk with a couple until you find one you can work with...

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If you qualify for a Chapter 7, you'll repay nothing.

Your husband's income will be taken into account but, you'll also be able to deduct his debts and expenses likely leaving little in the way of HH income.

There is no requirement that spouses must file k together. Filing bk halts all collection activity including lawsuits. Start speaking with some lawyers.

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Here's the thing...the rules have changed.

Yes, one spouse can file BK without the other...but...income and assets for determing whether its a 7 or 13 depends on "household income"...in other words, both spouses.

And, if only one files, only those accounts will be discharged. In other words, if you have accounts ONLY in your name...fine...but if there are any joint accounts, your obligation might be discharged, but your spouse would still be liable. And, in the case of CCs for example, if the creditor has reason to beleive that the account was used for both's benefit, even if it was in your name, it might not get discharged.

Find a lawyer...

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