Chapter 13 Advice

[snook]

Greetings to all.....I am letting a condo go into foreclosure in Florida. Its an investment property thats costing me 800 to 900 to float....I am 4 months behind....My situation is, I am the only name on the loan, my wife has nothing to do with it...If the bank does come after me for the balance of around 90,000...can I file chapter 13 and not include my wife in this mess....we make good combined income and pay all of our other bills....I have two car loans on my name, a boat loan and a credit card in my name...Our primary mortgage is in both names and my wife pays that from her salary....How would I re structure without including my wife in the chapter 13 or can that not be done....thanks

[Flamingo]

You can't pick and choose what debts on which you want to file bankruptcy. ALL your debt (in your name only to file yourself) has to be included and then you need to be able to qualify to file. I suggest a consultation with a BK attorney in your state who can give you more of an idea as to where you stand and what you can or cannot do. Most give free initial consultations. Best of luck to you!

[snook]

if my wife is a co-signer on my primary mortgage, and I file for chapt 13 for myself only, would that mortgage be included, I understand that I cannot pick and choose, I just want to avoid getting my wife involved in any way

[Flamingo]

Yes it would need to be included and your wife would be involved.

[holding on]

Your mortgage would definitely have to be listed as a secured debt, but you most likely could pay for it outside the plan. You must remember though that if you're filing on your own but married, you must include your spouses income (same household etc) in consideration of total income. But that does not mean your wife has to file bk.

But yes, definitely consult a lawyer as the more important thing is how to handle the issue of letting your property go.

[Flamingo]

With your wife's name on property and debt (mortgage) that has to be included in a filing and the debt being joint, I highly suggest seeing an attorney. You don't want to fool around with property issues. With your higher income and your ability to be able to pay all your other bills, and the condo being your only issue from what I can gather from your posting, get good legal advice to protect yourself and your assets.