DH has some rather large medical bills from July 2007 that the insurance has decided not to pay. 6 totalling a little over $150,000.00. 1/2 of the bills have hit his reports so far.
We did pay some of the smaller bills that have come in, but, now these are starting to overwhelm us.
DH is/was in the construction business here in Florida. Since June 07 work has pretty much halted. We are making enough money to pay the equipment payments and insurance. His business is a LLC with another man. DH also has another business (incorporated) (no assets, other than work truck), with is lighting install and repairs, that is how we have been able to keep the mtg and utilities paid.
Would BK go after assets in the Business? And if I am not filing, what would they take from the house as far as assets? We owe nothing on our vehicles, joint names on both a 2001 van and 2003 cougar that is for DH's mom that lives with us. We do have a 1994 work truck that is in the business name.
DH has one secured credit card in good standing, no other debt other than our mortgage. Second mtg was paid off in Oct 07. We were just getting ready to refinance our house and then boom, this hits DH's reports. We do have equity, however, it may be a Florida falsified boost from the housing boom we had before the market fell. We owe $140k and it's appraised at $300k.
What about mortgage payments, can some of them be forgiven. Hmmm, guess not, as I am joint on the mortgage.
No credit cards other than mine.
Looking at options, preparing myself for when the summons will inevitably appear.
I have one 2005 disputed $5,000 medical (also reported to CRA's) that's in court proceedings. I owe about $18,000 in credit and installments incurred from my personal business, but pg'd.
Everything is current.
So I don't think I need to file with DH, but, maybe.
My absolute first suggestion would be a good attorney when businesses are involved. We just finished CH7 in FL, filed 9/07 and discharged 12/07. We were lucky and able to keep car because we owed more on it than it was worth and reaffirmed it. Florida is supposedly the best state to live in as far as protecting your home equity but I would see an attorney NOW before you miss a house payment. Possessions were $1,000 each but figured at garage sale/flea market values, we kept everything, reaffirmed car and house, all other debt gone. Good luck.
Thank you grammy for responding. That gives me encouragement. My mind is so muddled right now. I have been reading and reading.
I have been trying to get an attorney to take DH's case on the medical (possible malpractice - second Dr said first Dr missed problem 2 days before - caused DH to land in ER and everything had to be done again) but haven't found one. Pretty discouraging. Then insurance drops him.