determining how to file...

[Elle615]

Forgive me if I missed this, but what sort of things should my husband and i consider if determining if I should file bankruptcy with him or just him solely?

Here's basics. We live in Michigan. I own the home we live in with my sister -- fully paid. (My family helped.) It's a mobile home. Our car is almost paid for, but it's titled for me and my dad.

We do have a car financed in our names, but it's for his sister. She has a paper trail of payments to show this, despite her name not being on the car.

Husband's wages are being garnished for medical debt. He has substantially more medical debt.

I do have defunct "written off" credit cards/debt. As well as some listed as "charged off". Not sure on the difference.

We make less then $10,000 a year. We live with my sister. So this garnishment also affects her, as the less we bring in, the less we contribute.


I want to protect our home. I want to protect our car, and my sister in laws car if possible.

any advice, points to ponder?

thank you

[Bandit]

I want to protect our home. I want to protect our car, and my sister in laws car if possible.

Here is what I found for you in Michigan.

Under the first exemption scheme, from federal bankruptcy laws, you can keep:

http://research.lawyers.com/Michigan/Bankruptcy-in-Michigan.html

Married couples may double the amount of the federal exemptions.

You get 20,000 for home
plus 10,125 wild card can go toward your home
plus 3,325 for vehicle
plus those amounts can double if married.
Double check all those exemptions to make sure they are up to date.

Husband's wages are being garnished for medical debt. He has substantially more medical debt.

oh please God, don't let them start doing this to me.

[Elle615]

Thank you Bandit... I'll compare your links to what I've already found.

I take it you have medical debt too? Best wishes!!

[JollyGG]

Basically the only way to do this is to take a spreadsheet and list it all out.

Use two sheets of paper.

List income
-expenses
------------
What’s left

Do this for a scenario where both of you file. Do this for the scenario where only he files. Can you comfortably pay your bills and pay any remaining debt in a timely manner. If not before you file you need to figure out how you will make ends meet after filing.

It sounds to me like you need a fresh start for both of you. I'm assuming you will find it to be wisest to both file, but you need to look at all your options and figure out what is best for you.

You guys really need to figure out some way to increase your income after bankruptcy. Is this a temporary situation? There is a thread around here somewhere with work from home jobs. Would more schooling increase your income? Can you find an apprenticeship that could lead to a better paying job?

[Bandit]

Here is what I got, Jolly. This includes everything though, not just living expenses. I know I have to take that down to zero.

what's left = -950 a month for the next 5 years. *heavy sigh*

I take it you have medical debt too? Best wishes!!

I do. It is getting higher & higher every week. I keep sending them 50.00 a week to one place, $40 to one place, 30.00 to another, 10.00 to another & two places get 5.00 a month. That does not include all the credit CARD CHARGES to four different doctors. What really stinks is I am not having any fun creating all this debt.
I hope mine does not get to the point where they take it from my paycheck before I can file. I will be very sad, discouraged & will throw in the towel. I did buy myself some new jeans today & a pair of slippers for winter that all cost about $150 dollars because all my other clothes were too big after losing weight. That kind of made me feel good.

Best Wishes to you as well, Elle615. Take your time & you will figure out the best plan & best order to do all this.