Should Wife and I both file or only one?

[moo]

All the debt is only in my name, except for the 1st mortgage on the house. Credit cards and HELOC are all in my name. We are looking at filing Chapter 7 since Neither of us are currently working. What type of implications would my wife be in if I was the only one to file? Would she somehow be responsible for the HELOC since she is on the 1st mortgage? We are in Michigan by the way.

[keepmine]

Unless she signed for the heloc along with you, she has no liability.
Now, if you default on the 1st mortgage, you would both be liabile for any deficiency balance.

With nobody working, how do you intend to keep the house? Does it have any equity?

[moo]

We don't intend to keep the house. The 1st has been talking about a DIL forclosure if we can not continue making the payments. Don't know how true it is, but we were thinking that if the first gave us a DIL then there wouldn't be a need for her to file bk.

Not sure how a forclosure or bk will affect us in getting a rental house.

[keepmine]

Just be sure the DIL prevents them from suing for a deficiency balance.

[moo]

Thanks. Again, the 1st has only talked about it. Trying to get them to give it to me in writing will be the real problem. But, we are trying to wait as long as we can before filing to see what is going to happen with the house.

Thanks for your input.