I am meeting with lawyer tomorrow and need to understand a few things, would appreciate any insight.
Only I am filing (wife) as most of the debt is on CCs that are in my name only. 1st mortgage and car loan in my name only, 2nd mortgage in both our names. 401k loan in my name.
Background: We live in Kansas in a suburb of Kansas City. We have been married 5 plus years and since getting married hubby has gone on disability and I was laid off for a year. Back at same company but making less, so we basically have made $30,000 less each year than when we got married totaling approximately $150,000. Yearly income was $120,000 now $90,000
2nd mortagage=$30,000, 401k loan=$40,000 and cc debt $55,000
Biggest question that I need to understand is regarding Ch7 vs Ch13 and assets.
My husband has some sports memorabilia that he has sold to help pay down debt (his and mine) before we agreed that we were in over our heads...
He has separate checking account and paypal account but in looking back over the last year, he has made transfers to the joint account from paypal and there have been debits to eBay. Last time was in June.
Credits into joint account around $4,000
Debits out of joint account around $3,000
He still has some memorabilia left and would like to keep it as some is worth quite a bit. Just guessing but could be up to $10,000 total.
Although we probably don't qualify for a CH7, but if we did, would his assets have to be included. This is stuff he's had since before we were married. Also, his monthly check goes to the houehold, but none of his proceeds from eBay do.
I guess what I am trying to understand is even though I am the one that is filing, can they liquify his assets and is the income he makes outside what goes into the joint account included as monthly income on the schedules?
Thanks again for any information.
Only I am filing (wife) as most of the debt is on CCs that are in my name only. 1st mortgage and car loan in my name only, 2nd mortgage in both our names. 401k loan in my name.
Background: We live in Kansas in a suburb of Kansas City. We have been married 5 plus years and since getting married hubby has gone on disability and I was laid off for a year. Back at same company but making less, so we basically have made $30,000 less each year than when we got married totaling approximately $150,000. Yearly income was $120,000 now $90,000
2nd mortagage=$30,000, 401k loan=$40,000 and cc debt $55,000
Biggest question that I need to understand is regarding Ch7 vs Ch13 and assets.
My husband has some sports memorabilia that he has sold to help pay down debt (his and mine) before we agreed that we were in over our heads...
He has separate checking account and paypal account but in looking back over the last year, he has made transfers to the joint account from paypal and there have been debits to eBay. Last time was in June.
Credits into joint account around $4,000
Debits out of joint account around $3,000
He still has some memorabilia left and would like to keep it as some is worth quite a bit. Just guessing but could be up to $10,000 total.
Although we probably don't qualify for a CH7, but if we did, would his assets have to be included. This is stuff he's had since before we were married. Also, his monthly check goes to the houehold, but none of his proceeds from eBay do.
I guess what I am trying to understand is even though I am the one that is filing, can they liquify his assets and is the income he makes outside what goes into the joint account included as monthly income on the schedules?
Thanks again for any information.
. Maybe someone else knows.
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