To be honest, I would go over the Chapter 13 board, I remember reading something about the 3 year plan no longer being an option.
As for being judgement proof. You are not judgement proof, what you are is collection proof. As long as you don't put your funds into the same bank account as husband, that is.
To be honest, the foreclosure is going to happen regardless of whether you file for BK or not. BK will just delay it. All a BK means is that the creditors can't come after you.
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Would you file if you were judgement proof?
Hi,
The attorneys have said one of our options is to "do nothing". The main reason we are filing is because of a foreclosure on my husband's old home which has been a rental. BOA has sent notice to foreclose.
My husband's income cannot be garnished, his name is not on our primary residence and my name is not on any of it. It appears (according to attorneys) we are on the "bubble" of a Ch 7. If we cannot get a 7, what is your all's opinion of a 13? We are already in a debt repayment plan, but as of today will miss our first payment to that in over 2 years. In that contract we would be done in 3 years, and can miss 3 payments before the program would end. If we ended up in a 13, one attorney said she thought we could be a 3 year payback as she felt we would not have to include my husband's VA income which puts us below the income for the means test (I thought VA had to be included?). I know an advantage would be that we could "cram down" our vehicle. We do not have a 2nd mortgage, nor do we have any late payments.
So, other than the foreclosure, I am not sure I see an advantage of us doing a 13? Any advice?
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