Wife:
*filing ch7
*recently purchased a house w/ husband due to medical reasons
*was advised to sell the house they moved from; house won't sell; only option now is to foreclose
*no assets, no savings
*choosing to keep their car, it's in her name, and $11K is owed (so they will not reaffirm--hope I have that right)
*owes $17K in 2nd mortgage (from the house going into foreclosure; btw, Wells Fargo calls every hour! But now that she's decided to file, they creditors will get the news tomorrow)
*little income (around $15K/yr)
*owes $36K in unsecured credit card debt ($11K of this is the car loan)
Husband:
*refuses to file ch7, willing to take the risk and wait and see if Wells Fargo will come after his income (My husband and I think it's a stupid risk to take, that could just be emotionally exhausting & costly...as it's $950 to file BK out here)
*main reason why he chooses to not be included is because he has 2 measly credit cards in his name and he doesn't want to lose these! (ridiculous, I know!) The atty. advised them that there is not guarantee that these companies will not close his cards. How would they find out though...would the trustee send a notice? I know the trustee could have an issue w/ the husband keeping these 2 cards open?
*husband makes approx. $65K/yr.
*husbands name on both houses, loans, etc, except the car loan.
*husband owns a paid off car as well as a motorcycle which was purchased new last spring for approx $20K, but $7K? was deducted due to a bike trade in. So he still owes approx. $13K. Pymt is $250/mo. WILL THE TRUSTEE WANT THEM TO SELL THIS TOY? Atty. said as long as they keep on making the pymts on the bike and the car, that they won't take them.
The atty feels that because the larger unsecured debt was financed in another state, that he 'thinks' that they will not try and collect from the husband.
How will the foreclosed home and 2nd mortgage be worked out. So both can be included in 'her' ch 7 BK?
Thank you so much!
My husband's 2 yr. discharge anniv. date is 2/14/09 ..yay!
And we have our new house...as of 1 mo. ago....
Hang in there y'all!
It's no fun going thru a ch7, but I am so relieved that this couple finally see's the light, even if the husband is stubborn about it! So what are your predictions based on the info I provided.
*filing ch7
*recently purchased a house w/ husband due to medical reasons
*was advised to sell the house they moved from; house won't sell; only option now is to foreclose
*no assets, no savings
*choosing to keep their car, it's in her name, and $11K is owed (so they will not reaffirm--hope I have that right)
*owes $17K in 2nd mortgage (from the house going into foreclosure; btw, Wells Fargo calls every hour! But now that she's decided to file, they creditors will get the news tomorrow)
*little income (around $15K/yr)
*owes $36K in unsecured credit card debt ($11K of this is the car loan)
Husband:
*refuses to file ch7, willing to take the risk and wait and see if Wells Fargo will come after his income (My husband and I think it's a stupid risk to take, that could just be emotionally exhausting & costly...as it's $950 to file BK out here)
*main reason why he chooses to not be included is because he has 2 measly credit cards in his name and he doesn't want to lose these! (ridiculous, I know!) The atty. advised them that there is not guarantee that these companies will not close his cards. How would they find out though...would the trustee send a notice? I know the trustee could have an issue w/ the husband keeping these 2 cards open?
*husband makes approx. $65K/yr.
*husbands name on both houses, loans, etc, except the car loan.
*husband owns a paid off car as well as a motorcycle which was purchased new last spring for approx $20K, but $7K? was deducted due to a bike trade in. So he still owes approx. $13K. Pymt is $250/mo. WILL THE TRUSTEE WANT THEM TO SELL THIS TOY? Atty. said as long as they keep on making the pymts on the bike and the car, that they won't take them.
The atty feels that because the larger unsecured debt was financed in another state, that he 'thinks' that they will not try and collect from the husband.
How will the foreclosed home and 2nd mortgage be worked out. So both can be included in 'her' ch 7 BK?
Thank you so much!
My husband's 2 yr. discharge anniv. date is 2/14/09 ..yay!
And we have our new house...as of 1 mo. ago....
Hang in there y'all!
It's no fun going thru a ch7, but I am so relieved that this couple finally see's the light, even if the husband is stubborn about it! So what are your predictions based on the info I provided.
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