Married spouse wondering if I can file Chapter 7 alone

[elim]

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@Anonymous wrote:

I definitely do not recommend you take a step like this without talking to your spouse. That is a presciption for disaster. I understand you don't want to put undo stress on her, but part of marriage is communication. She needs to know where things are and I'm sure she has noticed things aren't right with you. Her guessing what's wrong might be increasing her stress anyway.

Talk with her. See if there are ways to cut back, then get with a competent attorney to discuss it....together. Good luck to you.

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  +1   You and her against the world.   Together you may find the solution.

[Anonymous]

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@dlynk196 wrote:

So minimum Monthly payments of $2500 for personal loans and credit cards, not including my mortgage, will not qualify me for a chapter 7? I can't make the payments any longer do not sure how I wouldn't qualify, but I'm unsure.

We just bought the house and are expecting our third child. We have virtually zero equity, and are on time on mortgage, so why would selling the house be a plan? Sorry, jusy curious why you would suggest that

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To reduce your living expenses and have money to pay off your debt.

[StartingOver10]

OP, do you have car payments?   If so, consider selling the vehicles and either going with one vehicle for cash or a small payment. I find that some people have car payments in excess of $500/month and they have two vehicles which hurts when you are trying to keep your home.

Naturally if and when you file Bk, your attorney may have different advice about vehicles and payments. 

Before you file you really need to do some research on your state's Bk laws and exemptions etc and come up with a plan. Run it by the attorney you select before you do anything.

The NOLO series on Bk is an excellent resource. 

[krielly]

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@Anonymous wrote:

You're current on everything now. I'm inclined to think that you should budget, sell the house and move, whatever vs. tanking your credit and having a BK follow you around the rest of your life. If there's truly no way, talk to attorney and they'll most likely put you in a 13 and determine what your monthly income vs expenses allows you to repay. Not sure you can do it without involving your wife, though.

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Have to disagree with the above text in red.

Filing BK is NOT going to follow you for the "rest of your life". Only 7 years for a Chapter 13. And having been there personally with a Chapt 13 filing (and 5 year repayment plan) 10 years ago - I can tell you it taught me many many valuable lessons. 5 years is a LONG time to live on a cash only basis and let me tell you, it's a GREAT thing to learn!

With that kind of debt, and the fact that you mention you will soon be unable to keep up with the minimum payments, the lates and collections are already in your immediate future. THOSE will ALSO tank your scores, trust me.

If you are able to get into a 13 with a low percentage of repay on your unsecured debts, you will be better for it in the long nun, and will learn valuable lessons along the way!

I had a hard time filing (morally) At the time of filing, I had NEVER been late on a payment in years, but was barely keeping my head above water. my cc usage was approaching maxing out of each and every card - making it harder and harder to "rob Peter to pay Paul".  However, I've been told repeatedly by lenders after our discharge, that there was a clear demonstration of on-time payments (in looking back at our credit history) up until we filed, and that this mattered to them when considering us for extending credit. I believe it also helped me to rebuild much faster, in hindsight.

As others have said - educate yourself. talk to several experienced BK Attorney's in your area. I am going to PM you a link to a BK forum I found INVALUABLE years ago after we filed. I only wish I had found it beforehand.

Also - TALK TO YOUR WIFE!!! You are partners, and you need to get through this together!

Best of luck to you!

K

[Anonymous]

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@krielly wrote:

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@Anonymous wrote:

You're current on everything now. I'm inclined to think that you should budget, sell the house and move, whatever vs. tanking your credit and having a BK follow you around the rest of your life. If there's truly no way, talk to attorney and they'll most likely put you in a 13 and determine what your monthly income vs expenses allows you to repay. Not sure you can do it without involving your wife, though.

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Have to disagree with the above text in red.

Filing BK is NOT going to follow you for the "rest of your life". Only 7 years for a Chapter 13. And having been there personally with a Chapt 13 filing (and 5 year repayment plan) 10 years ago - I can tell you it taught me many many valuable lessons. 5 years is a LONG time to live on a cash only basis and let me tell you, it's a GREAT thing to learn!

With that kind of debt, and the fact that you mention you will soon be unable to keep up with the minimum payments, the lates and collections are already in your immediate future. THOSE will ALSO tank your scores, trust me.

If you are able to get into a 13 with a low percentage of repay on your unsecured debts, you will be better for it in the long nun, and will learn valuable lessons along the way!

I had a hard time filing (morally) At the time of filing, I had NEVER been late on a payment in years, but was barely keeping my head above water. my cc usage was approaching maxing out of each and every card - making it harder and harder to "rob Peter to pay Paul".  However, I've been told repeatedly by lenders after our discharge, that there was a clear demonstration of on-time payments (in looking back at our credit history) up until we filed, and that this mattered to them when considering us for extending credit. I believe it also helped me to rebuild much faster, in hindsight.

As others have said - educate yourself. talk to several experienced BK Attorney's in your area. I am going to PM you a link to a BK forum I found INVALUABLE years ago after we filed. I only wish I had found it beforehand.

Also - TALK TO YOUR WIFE!!! You are partners, and you need to get through this together!

Best of luck to you!

K

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Sure it falls off your record, but you'll be checking yes on the "Have you ever filed bankruptcy" question included on most loan applications for the rest of your life.

I'll be doing it too and learned a valuable lesson during mine also. There are upsides but I would have preferred never needing to file.

[krielly]

I absolutely would have preferred to have never been in that situation as well!

I can honestly say the only questions pertaining BK Filing I've seen on loan apps since have a time frame associated with them (have you filed BK in the past 7/past 10 years).

I was told that once you are discharged, and the public record time period has passed, you can legally answer "no" to this quesiton.

K

[StartingOver10]

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@krielly wrote:

I absolutely would have preferred to have never been in that situation as well!

I can honestly say the only questions pertaining BK Filing I've seen on loan apps since have a time frame associated with them (have you filed BK in the past 7/past 10 years).

I was told that once you are discharged, and the public record time period has passed, you can legally answer "no" to this quesiton.

K

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Agree with everything in your post but the last line. If I filled out a loan application and it specifically asked "have you filed B/k in the last X years" I would answer "yes" if it was within the designated time period and 'no' if beyond the time period. I think answering any other way would not be accurate IMO.