One spouse BK info needed

[paradiddle]

I am considering BK as an individual. I live in FL and have $62k CC debt in my name only ($25K of it is in company card that is in my name). Only other debt is mortgage 1st and 2nd. Upside down on house but do not want to move. Owe $260k and real estate lady said maybe $209k in fire sale. No other debt.

Wife is ok with her credit. We can swing it if I dump the CC debt. I was counting on insurance settlement $$ to payoff debt but settlement looks shaky now and need to prepare for worst case.

Is this a logical thing to do? What is the timeline for moving/selling any of my assets (truck, trailer etc. motorcycle)? I may do a stop pay on CC and do BK in 6-9 months.

How will this affect our lives if I am the only one to go BK?

[falken]

I am considering BK as an individual. I live in FL and have $62k CC debt in my name only ($25K of it is in company card that is in my name). Only other debt is mortgage 1st and 2nd. Upside down on house but do not want to move. Owe $260k and real estate lady said maybe $209k in fire sale. No other debt.

Wife is ok with her credit. We can swing it if I dump the CC debt. I was counting on insurance settlement $$ to payoff debt but settlement looks shaky now and need to prepare for worst case.

Is this a logical thing to do? What is the timeline for moving/selling any of my assets (truck, trailer etc. motorcycle)? I may do a stop pay on CC and do BK in 6-9 months.

How will this affect our lives if I am the only one to go BK?

Just to let you know - If you are over the median in income for your state (household income) you may need to file a 13 (depending on the means test). Your wifes income will also be used for the payback plan in a 13 even though she is not fileing.
It will save her credit, but both yours disposable incomes will be paid in to the plan for the next 5 years. If you are not over the median, nevermind.

[HHM]

Your wifes income will also be used for the payback plan in a 13 even though she is not fileing.

That is not really an accurate way to describe how it works. It's only the wife's contribution to the household that is counted. Also, she can have whatever expenses she wants as a non-filing spouse. If she does not contribute any money to the household, and the debtor pays all the bills, her income is actually a non-factor.

[falken]

That is not really an accurate way to describe how it works. It's only the wife's contribution to the household that is counted. Also, she can have whatever expenses she wants as a non-filing spouse. If she does not contribute any money to the household, and the debtor pays all the bills, her income is actually a non-factor.

I didn't realize that. Now I know.

[paradiddle]

Means Test and more

http://www.alperlaw.com/new_bankruptcy_law.html

This has a good explanation of means test etc. Just off the top we are running a negative and draw funds out of savings which will run out at some point.

Most of the debt is business related. 25k on current card and 23k moved to 0% private card from the same business card.

I may be able to get in because if most of the debt is business related and that suggests that the means test does not apply.

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I still looking for feedback on other questions as far as moving/selling assets and problems with fraud and what the future will look like.