Hello everyone!
Looks like I may need to file a 7 (who am I kidding?) with primarily business debt. I have a few questions:
1) I hear that the means test doesn't apply if the debts are primarily business debt, however, you have to include ALL personal debts, not just the ones at issue. We have a home mortgage which we are current on (and intend to keep the home), however the mortgage is almost 300K, which really skews the debts back towards the personal side?
My question is do I have to list the claim the entire mortgage debt (I will be filing, my wife will not, and the mortgage is in both names - tenants by the entirety, I think), or for means test applicability purposes is it split 50/50?
2) How do exemptions work in relation to the marital assets - do I have to list everything of value that we own together, or does it get split in half?? For instance, Vermont exempts 10 chickens (and I bring this up because it sounds like one of those math questions - if Mary has 10 chickens...), but we have about 50, however this is my wife's gig, the chickens aren't "mine". Do I have to list all assets that we jointly own or half, or what?
3) Are personal credit card debts jointly owned? - I have several personal CC which are in my name (which I have had since before we were married). over the last year I have run these up - half of it was for business expenses to help bail the company out, the other half was just day to day stuff (no TVs or anything like that). I read that a debt may be jointly owned if it directly benefited the marriage - is this likely to be challenged?
Thanks!
-Slaw
Looks like I may need to file a 7 (who am I kidding?) with primarily business debt. I have a few questions:
1) I hear that the means test doesn't apply if the debts are primarily business debt, however, you have to include ALL personal debts, not just the ones at issue. We have a home mortgage which we are current on (and intend to keep the home), however the mortgage is almost 300K, which really skews the debts back towards the personal side?
My question is do I have to list the claim the entire mortgage debt (I will be filing, my wife will not, and the mortgage is in both names - tenants by the entirety, I think), or for means test applicability purposes is it split 50/50?
2) How do exemptions work in relation to the marital assets - do I have to list everything of value that we own together, or does it get split in half?? For instance, Vermont exempts 10 chickens (and I bring this up because it sounds like one of those math questions - if Mary has 10 chickens...), but we have about 50, however this is my wife's gig, the chickens aren't "mine". Do I have to list all assets that we jointly own or half, or what?
3) Are personal credit card debts jointly owned? - I have several personal CC which are in my name (which I have had since before we were married). over the last year I have run these up - half of it was for business expenses to help bail the company out, the other half was just day to day stuff (no TVs or anything like that). I read that a debt may be jointly owned if it directly benefited the marriage - is this likely to be challenged?
Thanks!
-Slaw