Posted on: 13th Oct, 2009 02:53 pm
bunch of elements here and was wondering if anyone had advice on timelines and the best way to go about this. i'm in the process of getting divorced from a shopping addict. she ran up $64,000 in credit card debt in my name, with her as an authorized user on about 13 cards. we have a house but neither one of us can afford it, we're both moved out. i've been able to maintain the cards until the divorce is finalized, but not the house payment. just got a certified letter that the foreclosure options have started. she would not allow a short sale, even though i begged and the house is in her name too. she seems intent on taking me down with her.
so here's my question. given that the divorce is going to take forever, and the foreclosure is going to take forever. i'm tempted to declare chapter 13 now (i make over the state median so no chpt 7) to clear the house and credit card debt, well not clear it, but get it under control a bit. but if a declare bankruptcy and actually have a positive income, my wife will just get it in alimony money after the divorce goes through. so either way, i'm screwed. trying again to look towards the future and find the best way out of this mess. but not sure what is the best way to proceed? also, since i'm technically still married, not sure i can declare it myself if my wife objects?
so here's my question. given that the divorce is going to take forever, and the foreclosure is going to take forever. i'm tempted to declare chapter 13 now (i make over the state median so no chpt 7) to clear the house and credit card debt, well not clear it, but get it under control a bit. but if a declare bankruptcy and actually have a positive income, my wife will just get it in alimony money after the divorce goes through. so either way, i'm screwed. trying again to look towards the future and find the best way out of this mess. but not sure what is the best way to proceed? also, since i'm technically still married, not sure i can declare it myself if my wife objects?
hi guest,
both of you can jointly file chapter 13 bankruptcy but if you are filing alone, then you will only be able to list your assets in bankruptcy filing. you won't be allowed to include your wife's property. if you include the house in your bankruptcy, then after your bankruptcy discharge, your lender would give you a payment plan to pay off the dues within 3-5 years.
it is a better option always to contact a bankruptcy attorney and then take actions regarding filing bankruptcy.
both of you can jointly file chapter 13 bankruptcy but if you are filing alone, then you will only be able to list your assets in bankruptcy filing. you won't be allowed to include your wife's property. if you include the house in your bankruptcy, then after your bankruptcy discharge, your lender would give you a payment plan to pay off the dues within 3-5 years.
it is a better option always to contact a bankruptcy attorney and then take actions regarding filing bankruptcy.