Help! Should I file?

[herekitty]

Honestly I'm scared and don't know what to do.

I was in a relationship for 5 years and four years ago we broke up. I was young and stupid, cosigning on credit cards for my ex that he racked up. When we broke up I asked that my name got taken off, he said he did. Yesterday I received a letter from his attorney claiming I owe him $4,550.00 for my 1/2 of the debt that he paid in full.

And the story continues, I have about $12k credit card debt and about $32K student loans, not to mention $3K medical bills. I graduated and make only $25K a year, but after insurance I only take home about $1300.00 a month.

I have been paying all my bills on time, but if I have a judgement for my ex's debt, I'm drowning. I've been considering filing for bankruptcy in Wisconsin. Will filing erase that debt as well?

Recently I was in a car accident and had to get a new vehicle, which my mom cosigned for me. If I file, does that affect her credit? Can I keep the vehicle?

What do I file? After living expenses and without credit cards I only clear about $75 extra a month.

Please help!

[Lightning]

With the info you gave, student loans make up the largest portion of your debt. That can't be discharged in a bankruptcy.

[herekitty]

I'll be able to pay the student loans if I get out of the credit card and the mess with my ex, plus I can consilidate. My main concerns are with my car and my ex's letter from his attorney.

[edwards2]

The cosigner issue is going to help and hurt you. You can reaffirm the car so your mom's credit wont be affected but since you cosigned for your boyfriend the creditor can come after you for the money. Where is your boyfriend? Can you sue him for what he owes? It is too late now but NEVER cosign for anyone. I had a friend who did that for a friend she worked with never thinking he would have the gall to do it to her - but he did and she had to pay the $600. Not as bad as yours but still having to pay someone else's debt is painful but it is the law. You do have a lot of student loan debt and that isnt dischargeable. I would consult an attorney - the consultation is free. You are nearing the time when the new BK law will be taking effect and you absolutely could not file a Chapter 7 then. For that matter neither could I and we have far more debt than you do i.e., medical bills. I would move quickly to find a lawyer and see what your options are and dont give up holding the low life boyfriend accountable for HIS debts.

[herekitty]

The jerk paid off the credit cards and sent papers from his attorney saying I owe 1/2. I'm going to try to seek legal counsel this week, hopefully. thanks for all the great information!

[hhou812hh]

You probably could still file a ch7 under the new law with your income depending on your State, but I would look into it sooner rather then later just to save yourself unnecessary aggravation.

Good luck!

[Lightning]

If he paid the full amount of the debt, you are not responsible for anything. A co-signer is only responsible if the primary borrower doesn't pay. Are you absolutely sure of what you signed? If this was incurred as a joint debt, then you do owe half.

[herekitty]

I'm making my appointment today with the lawyer and crossing my fingers. Thank you all for the supportive advice!