DH was laid off 6 months ago , We cant make it on my salary , We have approx 49,000 in credit cards a mortgage and 2 cars that are paid for . Out of 11 credit cards there are only 2 that are joint , 1 for 300.00 & the other has a balance of 3,700 . everything else is jointly owned . We are currently over the median income limit even on unemployment so we are going wait to a few months until we fall under the median ( due to 3 pays in 2 different months ) my question is ....what if i pay off the 2 cards that we hold jointly ? also... what will happen to our home ? We are joint owners , We want to keep it and owe 127,000 and its worth maybe 148,000 , If only my DH files i know that there is 22,500 that we can keep in the equity , If by chance they think the house is worth more and the trustee see it as an asset , what will happen since the house is half mine and i dont file , Can they still take it ?
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If you're in a community property state, creditors can come after you for any debt acquired after you became DH & DW whether your name is on the account or not:
Before you pay off credit cards or do anything with your assets (including savings and retirement accounts), it would be smart to take advantage of free consultations with a few attorneys in your area. Take your time and don't rush into BK until you have all the information you need (we learned this from experience). -
thanks ,
Im in PA which is not a community property state , so i think im safe there but i was wondering what would happen to the house if they feel that it has some equity to it ,there isnt much but could they take it even though its half mine and DH is filing the chapter 7 and not me . I wasnt sure how that would workComment
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