My husband is going to file for bankruptcy due to overwhelming bills from a long term illness. We want to do it right to protect me as much as possible. He gets $1500 a month from retirement and nothing else. I net $3200 from my job. But we cannot pay living expenses and all the old debts he has, so he is filing.
First, most of his credit cards are in his name only. We are not a community property state. But there are two cards where I am an authorized user (not joint). I have been told to get the credit card companies to remove me as an authorized user from these two accounts before he files. Is this correct? And, I am told that this should not affect my credit at all. Is this correct?
He has one small credit card where we are joint holders. I assume I will end up paying on that after he is discharged? If so, it is not a big deal. But, again, this should not affect my credit, correct? It is current and I can keep it current.
We have three cars and need all three. The first is in my name only. I assume that is not involved in his bankruptcy. The second one is paid for and is in both our names. The third one is financed and in both our names. How tough is it going to be to hang onto these? One is a 1998 model and one is a high mileage 2000 mileage car. This last one, after we paid off the lien, would have little equity.
And, the last car was given to my son, but he was a teenager and we put the title in our name. But it was a gift to him. Is there any way to transfer it to him either before the bankruptcy or to get the trustee to do it if we can prove it was a gift to him? I am aware of transferring assets right before filing and will only do something if it is aboveboard. I am asking if there is a legitimate way to do it.
I did a lot of reading today on the issues involved and some of it indicates that my income will somehow figure into whether or not he can do a ch 7 or not. How does that work? My income can pay most of the bills, but we do need his retirement check to get by. And my debts are manageable, but I need my income to pay them down. Can someone explain this to me?
Thanks for any help. Sorry my first post is so long.
First, most of his credit cards are in his name only. We are not a community property state. But there are two cards where I am an authorized user (not joint). I have been told to get the credit card companies to remove me as an authorized user from these two accounts before he files. Is this correct? And, I am told that this should not affect my credit at all. Is this correct?
He has one small credit card where we are joint holders. I assume I will end up paying on that after he is discharged? If so, it is not a big deal. But, again, this should not affect my credit, correct? It is current and I can keep it current.
We have three cars and need all three. The first is in my name only. I assume that is not involved in his bankruptcy. The second one is paid for and is in both our names. The third one is financed and in both our names. How tough is it going to be to hang onto these? One is a 1998 model and one is a high mileage 2000 mileage car. This last one, after we paid off the lien, would have little equity.
And, the last car was given to my son, but he was a teenager and we put the title in our name. But it was a gift to him. Is there any way to transfer it to him either before the bankruptcy or to get the trustee to do it if we can prove it was a gift to him? I am aware of transferring assets right before filing and will only do something if it is aboveboard. I am asking if there is a legitimate way to do it.
I did a lot of reading today on the issues involved and some of it indicates that my income will somehow figure into whether or not he can do a ch 7 or not. How does that work? My income can pay most of the bills, but we do need his retirement check to get by. And my debts are manageable, but I need my income to pay them down. Can someone explain this to me?
Thanks for any help. Sorry my first post is so long.
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