Questions

[Taxed]

Okay... I haven't consulted an attorney yet, but I have been thinking about filing banruptcy. While I make above the median income amount for my state, I am fairly sure that I pass the means test (used a resource someone had posted on here to perform the calculation). Anyway, I have a couple of questions that I am hoping I can get some answers to now, rather than waiting until I consult with a lawyer.

1. I have shared custody of my daughter. I claim her every other year on my return, and I pay for 50% of all of her expenses every year (we have a week on week off living arrangement). Am I allowed to list her as a member of my household?

2. My ex-boyfriend and I have a home that has 2 mortgages. I am on the first, and he is solely listed on the second. I do not want to keep the house, but I have no say over what he does... How is this handled in the bankruptcy? The house is mortgaged for more than it is worth...

3. To date, I am current on my bills (just barely, robbing Peter to pay Paul). I'm assuming I need to stop paying on my cards at some point, right?

Thanks is advance.

[lrprn]

1. I have shared custody of my daughter. I claim her every other year on my return, and I pay for 50% of all of her expenses every year (we have a week on week off living arrangement). Am I allowed to list her as a member of my household?

Whether you claim your child or not on your taxes does not necessarily match what you can claim as a family member when you file bankruptcy. This question needs an experienced bk lawyer in your area to answer how your district deals with a split custody situation when estimating family size for the Means Test.

2. My ex-boyfriend and I have a home that has 2 mortgages. I am on the first, and he is solely listed on the second. I do not want to keep the house, but I have no say over what he does... How is this handled in the bankruptcy? The house is mortgaged for more than it is worth...

Since you two are not married, you will be filing alone. The property has two loans - one solely yours, one solely his. If your ex does not want to give up the house, then if you do give up your portion (the first mortgage), he has two choices - give up the house and file bankruptcy himself to wipe out his loan balance or buy you out and assume both mortgages.

3. To date, I am current on my bills (just barely, robbing Peter to pay Paul). I'm assuming I need to stop paying on my cards at some point, right?

Once you are certain you are going to file, that's when you stop paying on all your *non-secured* debt. If you are certain you are going to surrender your house when you file, then you can stop paying on that as well.

Do run all of this by 3-4 experienced bankruptcy lawyers in your area. Most give free initial consultations. You'll learn a great deal about what's going to work out best in your situation. Hang in there!