Maybe someone can enlighten me on this. I am filing a chapter 7 in May, the initial plan was for me to file alone since the majority of the debt is mine, and my husband really didn't want to go the bankruptcy route to deal with his. Now he is having a change of heart, but we need to figure out what do about his assets. I have no bank accounts, and a 2000 SUV in my name only worth about 5K. I have no other assets that are of worth. My husband has a CD worth 10K, a savings account with a few thousand, and an auto in his name only worth about 7K. Neither of these cars are financed, fully paid for. Should I add my name to the bank/CD accounts so we can take full advantage of the unused homestead/wildcard exemption? We are in Michigan, do not own a home and will use the Federal exemptions. Any thoughts?
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With his assets, distance him as far as possible. You MUST state his income and costs towards the homestead, but if he came into the marriage with these items, and he did not get these after marriage, they are his but must still be listed. There will be questions of course so be prepared. How long married? Are you represented? More info would help.
'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
OK - I am so confused! My point here is that if we file together, we want to be able to keep what we do have. Since I have almost no assets, and he does, we want to make sure that if we go the BK route together we can take full advantage of the exemptions. Make sense?Comment
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