Married filing Individual

[samwaters]

My wife is filing individual, how will this affect my credit? Does my name and information have to be listed in the bankruptcy forms?

Thanks for the help!

-Sam

[HHM]

Yes and no. First, you would not be considered a debtor in bankruptcy so you will not have a bankruptcy reported on the public records section of your credit report. However, you wife must disclose that she is married and must disclose your income, expenses, and assets on her petition.

[StaciMM]

She must list all of her creditors, so if there are any accounts that are joint, BK will only discharge her responsibility.

[samwaters]

She must list all of her creditors...

You mean the creditors she is BKing, right? If she decides not to BK a credit card, does she have to list it?

[samwaters]

Yes and no. First, you would not be considered a debtor in bankruptcy so you will not have a bankruptcy reported on the public records section of your credit report. However, you wife must disclose that she is married and must disclose your income, expenses, and assets on her petition.

Thanks for the info... do I have to sign her petition? Or list my SS#?

Another question, how is the "current" income calculated? Do we add up everything earned then divide by months (e.g. 12 months)? Or do we count what we made last month and last pay period?

-Sam

[StaciMM]

She has to list ALL accounts that she owes, and she cannot make a significant payment to any one card shortly before filing.

[samwaters]

She has to list ALL accounts that she owes, and she cannot make a significant payment to any one card shortly before filing.

Every card that she owes... ok, thanks.

Do you by chance know how to calculate current income?

-Sam

[StaciMM]

The forms will ask for monthly gross, then have places to indicate how much is withheld to arrive at net.

If she gets paid weekly, take the weekly X 52 then divide by 12. If it is bi-weekly, take it X 26 then divide by 12.

[dumbpig]

1. Don't you have to include both incomes when filing bankruptcy? Unless seperated
2. Are you on any of the cards and if so you won't be able to get rid of the debt as you will owe if she includes that card
3. Are you in a community property state?
4. Do you own a home togother?
5. Im just asking some questions as I want to clearify your case so others can help as I am no expert

[samwaters]

The forms will ask for monthly gross, then have places to indicate how much is withheld to arrive at net. If she gets paid weekly, take the weekly X 52 then divide by 12. If it is bi-weekly, take it X 26 then divide by 12.

Problem... she used to make $20/hr full time. The last 4 months she has made $300/month part time.

So do we use the $300/mo or add up the first 9 months and average?

-Sam

[samwaters]

1. Don't you have to include both incomes when filing bankruptcy? Unless seperated
2. Are you on any of the cards and if so you won't be able to get rid of the debt as you will owe if she includes that card
3. Are you in a community property state?
4. Do you own a home togother?
5. Im just asking some questions as I want to clearify your case so others can help as I am no expert

1. Yes, both our incomes must be disclosed.
2. No. The cards are in her name alone.
3. We are in California, I think it is community property state.
4. No home, we rent. Lucky us.
5. No problemo, I appreciate any help you can give me

[StaciMM]

My understanding is you list the conditions as they are at the time you file. If she is now earning PT pay drastically less than what she was making, unless you know its a temporary change, list that.

Problem... she used to make $20/hr full time. The last 4 months she has made $300/month part time.

So do we use the $300/mo or add up the first 9 months and average?

-Sam

[samwaters]

My understanding is you list the conditions as they are at the time you file. If she is now earning PT pay drastically less than what she was making, unless you know its a temporary change, list that.

Yeah, that's how I see it. Thanks for the input.

-Sam

[HHM]

1. Don't you have to include both incomes when filing bankruptcy? Unless seperated
2. Are you on any of the cards and if so you won't be able to get rid of the debt as you will owe if she includes that card
3. Are you in a community property state?
4. Do you own a home togother?
5. Im just asking some questions as I want to clearify your case so others can help as I am no expert

1. Yes

She will need to list all credit cards that she has the right to use regardless of whose name is on them.

Regarding income, why do you ask how to calculate, does your (and her) income significantly vary month to month. If so, just take the average of the last six months.

[sobroke]

I believe you would use the $300/month. My hubby was making $70K a year (salary) from Jan to April and then went down to $38K a year (job change) We listed his new, lower income on our petition. We filed in August (4months later) No questions asked at our 341. We now have 28 more days until discharge. Good luck to you (your wife)