If I File, What About My Wife...?

[bkquestions]

If I file chapter 7, does this effect my wife in any shape?

She is not on any of the loans, line's of credit, credit cards, car loans, rental house, she's not even on my primary house.

See I'm wondering once I file and everything gets discharged, can I use her PERFECT credit to purchase another home and a car?

[JRScott]

Is Florida a community property state?

[lrprn]

Is Florida a community property state?

No, it isn't - http://www.fairmark.com/spousal/comprop.htm

Bkquestions, given the situation you've described, if your six-month-lookback for income is below the median for your household number in FL, then you should be able to file Ch 7 alone and not have it affect your wife.

However, credit shopping on your wife's saved credit after you file may not go as smoothly as you are hoping. She has to have sufficient employment to carry the loan alone and have a low enough debt load that her scores are high. If she adds you on as a co-signer to increase the income amount available, your Ch 7 is going to come up when they pull the credit reports. After two years with a good credit record and on-time payments, your Ch 7 won't matter so much any more. Just something to ponder....

Be sure to discuss this plan with your lawyer to make sure there are no hidden pitfalls.

[CindyLou]

FYI....here are the comm prop states:
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin

[JRScott]

FYI....here are the comm prop states:
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin

Thanks I wasn't going to advice him because I didn't know , I did a search but couldn't find the answer on the site right away

His wife should be fine then given what he's told us

[bkquestions]

No, it isn't - http://www.fairmark.com/spousal/comprop.htm

Bkquestions, given the situation you've described, if your six-month-lookback for income is below the median for your household number in FL, then you should be able to file Ch 7 alone and not have it affect your wife.

However, credit shopping on your wife's saved credit after you file may not go as smoothly as you are hoping. She has to have sufficient employment to carry the loan alone and have a low enough debt load that her scores are high. If she adds you on as a co-signer to increase the income amount available, your Ch 7 is going to come up when they pull the credit reports. After two years with a good credit record and on-time payments, your Ch 7 won't matter so much any more. Just something to ponder....

Be sure to discuss this plan with your lawyer to make sure there are no hidden pitfalls.

I should have reworded my original question. I didn't mean to go out and run up a bunch of new debt under her name.

Really what I was thinking was a car at first, and then I'm thinking we rent a house for a year or two. Then after that buy a another home once we know things are ok.

[aa06a47]

I believe even though the debt is in you name only, her income will be used in the means test.

[bkquestions]

I believe even though the debt is in you name only, her income will be used in the means test.

she doesn't have any income, she has been a stay at home mom.

Now after this whole mess, that will probably all change.