Crossroads.

[optimistic1]

So, its been over a year now since defaulting. I still have not filed, because I am weighing my options, and no one has bothered suing yet.

Scenario #1

File a joint 13, get it over with, hope that my payment will be low, and survive for 3 years.

Scenario #2

File a seperate spouse Chapter 7, discharge one spouse of all debts both individual and community. Then sit back and wait it out, hopefully no one sues and I file my own Chapter 7 when its time. If I get sued, they can only garnish my paycheck instead of both of ours. Or, file my own 13 but keep the other spouse off of it, and if we have trouble obtaining a new car loan while I am in a 13, if my car breaks down of course, we at least have one good credit to fall back on. Also, if we cant keep our house, it would look better than both of us in an active 13 trying to rent a house or apartment.

Money really is not an issue when it comes to attorney fees, I have an employer paid legal plan that will cover all the fees, except for court fees and such.

Scenario #2 for me, is very appealing, so I will most likely go with that.

Anyone else have thoughts, suggestions or words of encouragement?

[missemo]

My situation is a bit similar to your's...
It has been a year since last card was paid.
My wife had filed a chapter 7... 8/09 discharged
She is on her way to improving her credit...Has a few card's.. nice limit's.. all paid.. score rising at a nice pace.

Now my situation I have about 45k c.c. debt. I have retained a attorney who has adviced me that since I have 2 assets at about 15k if I want to keep them I will need to do a chapter 13. This will not involve the wife. I will pay off the 13 and still have my wife with the credit. This way if it's a 3 or 5 year plan one of us will be ok.

You did not mention if you had any assest's?
Time is on my side the longer I hold out the value of the item's decrease. The less I will have to pay.
Good Luck to you...

[optimistic1]

::crickets chirping::

I think I will try a new handle out.

[olivies]

So, its been over a year now since defaulting. I still have not filed, because I am weighing my options, and no one has bothered suing yet.

Scenario #1

File a joint 13, get it over with, hope that my payment will be low, and survive for 3 years.

Scenario #2

File a seperate spouse Chapter 7, discharge one spouse of all debts both individual and community. Then sit back and wait it out, hopefully no one sues and I file my own Chapter 7 when its time. If I get sued, they can only garnish my paycheck instead of both of ours. Or, file my own 13 but keep the other spouse off of it, and if we have trouble obtaining a new car loan while I am in a 13, if my car breaks down of course, we at least have one good credit to fall back on. Also, if we cant keep our house, it would look better than both of us in an active 13 trying to rent a house or apartment.

Money really is not an issue when it comes to attorney fees, I have an employer paid legal plan that will cover all the fees, except for court fees and such.

Scenario #2 for me, is very appealing, so I will most likely go with that.

Anyone else have thoughts, suggestions or words of encouragement?

Hmmm...my attorney never told us just one spouse can file bankruptcy. WISH we knew, since the largest credit card debts we were filing for- as well as the vehicle loan- are in my husband's name. My credit cards had fairly low balances, and probably totaled only $9k...definitely would have been manageable, and the student loan is in my name so I could have just paid that and not worried about it sitting there accruing interest over the next five years. Just another example of bad advice we got I guess.

I say if there is a way for only one of you to file, do it. It would be nice to have that safety net there and not have to fight for a workable 13 payment.

[optimistic1]

Well, in your case it would have made sense, unless of course you live in a community property state, they could still seek to collect from your sole and seperate property. Thats if they even would bother though.