Have question on Bankruptcy for Married person

[sweetchi07]

Hi I have question on filing a bankruptcy my husband is going to file BK coz' we got 2 mortgages from the house and his personal loan. I have never experience this before since I married to him. We are struggling because his changing jobs right now. I am a housewife with two kids now we are going to have a foreclosure on our house. My husband wants to file a bankruptcy is this thing going to work with us? What is the option here I need someone who can educate me a bit of BK...Need a good advice Thank you very much.

[BassBoy]

I have moves your thread here as it relates to your question(s).

[JollyGG]

I'm not sure of your specific questions here. I'm guess your question is "How does this all work?".

To help answer that we need to know a few things.

How much income came into your household over the last six months?
What state do you live in?
Do you want to keep the house or are you letting it go?
You mention two childeren. Are there any other adults or children who live with you?
Is most of your debt joint or is most in his name only?
Do you have much unsecured debt (credit cards, personal loans) or is most of your debt the two mortages?

We will try to answer your questins as best we can but a little more information would be helpful.

[WantToBeDebtFre]

If you want to keep your house it seems like it would be a good thing to file a Chap 13 bankruptcy which allows you to catch up on your payments. If you're going to let your house be foreclosed then your husband filing bankruptcy would probably depend on how much other unsecured debt he has. If none of the debt is in your name I don't think there would be any reason for you to file.

Your husband should see some bankruptcy attorneys right away to see if you can save your house, if that's your intention.

[sweetchi07]

Answer to the question

HI thanks for help. The answer to your question is we are from Chicago well unfortunately my husband has a lot of Debt and I am not included of his accounts all his name on it My husband and I had two kids. Well I got some of credit cards which is unsecured I don't know if this is the right one got some credits from kids clothing mostly like Gap cards etc... But since then my husband cannot afford to pay so all the cards already past due. I don't have any idea with this it is weird for me to think all of this sudden kinda weird situation...He got the second mortgage loan, credit cards on his name since I'm just a housewife I can't be on the list. Thank you very much I do appreciate your advice.

I'm not sure of your specific questions here. I'm guess your question is "How does this all work?".

To help answer that we need to know a few things.

How much income came into your household over the last six months?
What state do you live in?
Do you want to keep the house or are you letting it go?
You mention two childeren. Are there any other adults or children who live with you?
Is most of your debt joint or is most in his name only?
Do you have much unsecured debt (credit cards, personal loans) or is most of your debt the two mortages?

We will try to answer your questins as best we can but a little more information would be helpful.

[sweetchi07]

Thanks for advice I really appreciate it!!!

HI Thank you very much for the advice I really appreciate it...Have a nice weekend! Will my husband already talk to the lawyer but it seems like we had some more option to think will see about this.

If you want to keep your house it seems like it would be a good thing to file a Chap 13 bankruptcy which allows you to catch up on your payments. If you're going to let your house be foreclosed then your husband filing bankruptcy would probably depend on how much other unsecured debt he has. If none of the debt is in your name I don't think there would be any reason for you to file.

Your husband should see some bankruptcy attorneys right away to see if you can save your house, if that's your intention.

[SinkingFast]

HI thanks for help. The answer to your question is we are from Chicago well unfortunately my husband has a lot of Debt and I am not included of his accounts all his name on it My husband and I had two kids. Well I got some of credit cards which is unsecured I don't know if this is the right one got some credits from kids clothing mostly like Gap cards etc... But since then my husband cannot afford to pay so all the cards already past due. I don't have any idea with this it is weird for me to think all of this sudden kinda weird situation...He got the second mortgage loan, credit cards on his name since I'm just a housewife I can't be on the list. Thank you very much I do appreciate your advice.

When we refi'd our house several years ago,........ Because I was a Stay At Home Mom, the mortgage lender would only put the loan in Hubby's name. Same thing happened to several of my Girl Friends who went thru refi's about the same time as us. Wives who did not work outside the home were not put on the loans. So that's not uncommon.

One Spouse can file BK and the other one not. Your Hubby can file BK and you can remain separate from him. That may be an option for you IF you can bring the accts in your name current and continue paying on them.

You can Surrender the house in BK and Discharge your Hubby's liability for the mortgages in BK.

[JollyGG]

The median income for a family of four in Illinois is $75,484. If your families income falls under that amount and you are willing to let the house go into forclosure you can file a chapter 7 bankruptcy. In that case you file, about a month later you have a meeting with a trustee to go over your petition, usually sixty days after the 341 meeting you unsecured debts (credit cards, and personal loans) are discharged.

If most of the debt is in your husbands name only he can file by himself. If you both have debt you would like to get rid of you can file jointly.

If you are above the median income or you would like to keep the house you can file a chapter 13 bankruptcy in which case you would make payments to the bankruptcy court for five years then recieve a discharge of all of your debt.

A few other board members will come along shortly and post some excellent links that explain the different chapters and the timeline for bankruptcy better.

Really without more information on your situation we can't help you figure out if you have other options, or even what the probably sequence of events for a bankruptcy and/or forclosure would be.

Sorry.