Wife needs to file I dont

[ammo2fm]

My wife has gotten herself dug deep in debt. I filed bankruptcy in 01 due to a divorce and have since then rebuilt my credit somewhat but cant help her out. Most of the debt is in her name only and its unsecured besides a leased car 14 months ago that she cannot afford. We purchased a new home together 2yrs ago and have done some upgrades fence etc landscaping finished basement. So I am sure that the house is worth more now then what we paid for it. The problem is we are on the lein togther. She is a co buyer but the mortgage payment comes in my name alone maybe due to the fact that I used the VA I dont know but she did sighn paperwork when we purchased. If she files BK on her accounts that are not in my name will they try and take our home or force us to sell even though I make the payment and I am current because it has equity now? I have bought another car to replace the car that she is going to surrender she is not behind on the payment yet but we are going to turn it over before filing. And I am sure they are going to try and sue for the difference. I am just really concerned with the home due to the fact that I am in the service and will possible have to put the house on the market in a year due to being transfered. Will we lose any of the money that I possible would make due to the raised value.

[SinkingFast]

What State do you live in??

Different States have different Homestead Exemption limits. The Homestead Exemption is used to cover your equity in the house.

You probably want to do something. With your wife as a Joint owner on the house, her Creditors could sue and place Liens against the Deed/Title to the house.

[ammo2fm]

I live in Wyoming. We dont have any unsecured debt together or secured debt besides the House which was built 2 years ago. She is just a co-signer due to when the home was purchased she was not working. I dont understand if or how they could do anything with our home if she is not filing to be rlieved from it. I do not want to file Its taken me along time to recover somewhat from my mistakes in the past and like been able to get home and auto loans with a good rate.

[lrprn]

I live in Wyoming. We dont have any unsecured debt together or secured debt besides the House which was built 2 years ago.

Here's a link to the Wyoming bk exemptions - http://www.bankruptcyinformation.com/WY_exemp.htm

Here's the best part - in Wyoming homestead "property held as tenancy by the entirety may be exempt against debts owed by only one spouse". That means if your wife files and you don't, because you also own the home, it may be exempt from seizure or lien to pay her debts. Do make appointments for free initial consultations with 3-4 experienced Wyoming bk lawyers to be certain. It's also a good time to discuss whether your wife filing solo is the best route in your situation (it sounds like it is) and see who you think you can work best with when she files.

How much equity (what it's worth in today's market minus what you owe) do you have in the house? Which bk chapter is your wife hoping to file? Is her income plus what you contribute to the running of the household above or below the Wyoming median income for your family size? http://www.usdoj.gov/ust/eo/bapcpa/2...come_table.htm

[ammo2fm]

How much equity (what it's worth in today's market minus what you owe) do you have in the house? Which bk chapter is your wife hoping to file? Is her income plus what you contribute to the running of the household above or below the Wyoming median income for your family size?
I dont know what my home is worth I assume about 18,000 more then we paid for it now but have not had it appraised do we have to do that? Our income is below the median income for a family of 5 combined but 2 of the children are from my past marraige and I recieve 450 a month in child support with that added in it puts about 1000 above the median she wants to file chapter 7.

[lrprn]

ammo, you don't have a simple, straightforward, no asset Ch 7 case, especially with the child support involved in a mixed household and hoping your wife can file solo with the house owned by both of you.

I strongly recommend sitting down with 3-4 experienced bk lawyers in your area to discuss everything you've told us in detail. Only an experienced bk lawyer familiar with how these issues are being handled by the trustees in your local bankruptcy court can give you reliable answers on what's going to fly and what isn't.

Make those appointments, then afterwards please come back and tell us what you find out. Good luck!