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my husband has our mortgage under his name only . Our home is under both our names. I have some old bad debt under my name and will probably have to file bankruptcy. Will this effect my husband in any way? I'm concerned about refinancing in 3 years, should I be?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Which type of bankruptcy are you planning to file pat, chapter 7 or 13?

Miller

Posted: Wed May 16, 2007 3:18 pm Post subject:

I'm not sure. I am confused. I think it would chapter 7 because of our income and I just can't pay it back. I'm being sued by one of the creditors.

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Samantha

Hi Pat,

As far as I understand, you may have filed bankruptcy chapter 13. And, it will not affect your husband provided you make the payments in time. I think it will be better if you have a talk to your trustee.

In case you cannot carry on with the payments, you can request the trustee to modify the payment plan, or discharge the remaining debt on the basis of hardship.

You may also find out if it is possible for you to convert into Chapter 7 wherein you need not follow a payment plan. Instead, the trustee will accumulate your assets and sell them off to pay down the debt. However, in that case, you may be able to keep the home depending upon state and federal laws. By the way, which state are you in?

Hope this helps...

God bless you.

Samantha

Guest

We live in Texas. I have not filed bankruptcy yet. I just received the law suit 2 days ago. I was planning on seeking an attorney, but I wanted to go over a few options with the people on the board.
All of this confuses me. Assets? I own a 96 ford explorer and a 97 sebring (it's my husband's, but under my name) and that's all. Under TX law and bankruptcy I read you can keep your vehicles, but only 1 per each licensed adult. What can they sell? I only a Target clothes, my wedding ring and a few tokens of jewelery that were gifts or I received when my mother passed.
Hardship was mentioned. I'd like to know a little more about that.
If I take the judgement against me what does this mean? Does it effect my husband and the mortgage that's under his name? We would need to refinance in a few years.

adonis · Posted: Tue May 22, 2007 5:41 am Post subject:

Pat,

If you haven't yet filed bankruptcy, then I should say that you need to find out if at all you will be allowed to file. As a debtor, you will have to go through the Means test to find out whether you can file bankruptcy.

You may refer to a previous community discussion to find out details about Means Test.

Guest

Assets could mean property, shares or anything having real value.

Guest

The mortgage on our home is in my husband's name. I'm going to file chapter 7. I just found out that one of my acct's has my husband as a joint acct holder. Will this one acct that I'm including in chapter 7 hurt my husband with future refinancing of our home?

colin · Posted: Wed May 30, 2007 6:58 pm Post subject:

I would advice, if possible close this account. As it is a joint account, it would appear on his credit report as included in bankruptcy and hurt his score. At the time he goes for a refinance his score would be checked and this entry may have an affect.

Colin

helping_user · Posted: Wed May 30, 2007 9:45 pm Post subject:

Hi Pat,

Welcome to our Community.

Your husband who is sharing a signing authority with you in a joint account is not liable for your debts. Whatever your interest in a joint account will be an asset for your bankruptcy estate. You need to show off the proof for the money which actually belongs to you. And they are not supposed to reflect bankruptcy on your husband accounts holder.

But sometimes it will not possible to provide enough documents and that may affect your husband credit. So, I just support with Colin. It will be better if you close the joint account first and then filed for Chapter 7 bankruptcy.

Thanks

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