newbie with a question....Only one spouse filing for Chap 7

[jeffinva]

Due to some cc debt and Amex trying to get a judgement on me I have to go the Chap 7 route. My question is since I am the one filing (my wife is not filing jointly) what happens with the house and (2) cars? Both cars are still being paid on and we intend on keeping the house.

Will I have to reaffirm for the cars and the house or will I simply be taken off the loans and my wife be held responsible?

thanks!
Jeffinva

[StartingOver08]

Is the house note and both the car notes held jointly?

If so, and you file alone, then your personal liability will be discharged and she will still be responsible for the note payments. Your credit report will read iib for those TL's and reflect a BK, hers should not. If it does, dispute it.

You would not need to sign a reaffirmation agreement if the debt is jointly held. She would need to remain current on the house note and the car loans.

[aljohnson007]

If all the debts are yours and your state allows Tenancy by Entirety (TBE), you may be able to protect your home, cars, bank account(s) and other personal property. I filed ch7 pro se in Florida and exempted everything citing 11 USC 522 (b)(3)(B).

[jeffinva]

Wow! Thanks for the info.

I had no idea about tenacy by entirety. Since you filed pro se (which is my plan), how and where did you cite the U.S.C in your bk petition?

jeffinva

[aljohnson007]

Schedule C - Property Claimed as Exempt. What State are you filing in?
Florida generally considers property acquired as "Husband and Wife" as TBE.
Some States, like NC, only allows TBE for real estate. Check your titles and deed to make certain they don't say XX OR XXX.

[MarylandBK]

my state allows TBE but you have to have it on your deed before you get in trouble otherwise you can't claim it. Its friggin ridiculous. Since me and my wife bought our house before we got married we can't change it now.

[jeffinva]

I'm in Virginia.

I'll try to dig up the deed and titles before pursuing this option.

Jeff