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Guru_Guy, Attorney
Category: Bankruptcy Law
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Experience:  Years of experience providing advice on bankruptcy and other alternatives to debt problems.
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I have aline of credit withBank of America and owe 33,000 in

Resolved Question:

I have aline of credit withBank of America and owe 33,000 in my name only. If I just stop paying this can they go after my spouse who was recently unemployed. We do not own a home. Is bankruptcy better for me and if so why? What will happen if i just stop paying since I have no Job? There is no way I can pay this bill, but I do not want them going after my spouse should he becomeemployed in the near future.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Guru_Guy replied 5 years ago.

Hello,

If your spouse has not role in the debts being discharged through the bankruptcy, you can avoid including him as a party to the bankruptcy. However, if you have any jointly owned property, that will be considered as part of the bankruptcy. But assuming you don't live separately, household income (including that of your spouse) will be considered in structuring the bankruptcy. Since you say he is also unemployed at the moment, that should not be a big issue for you. But if he becomes employed, that can affect whether you are eligible for Chapter 7 bankruptcy vs. Chapter 13. But the botXXXXX XXXXXne is, yes, your spouse need not be a party to your bankruptcy.

There are a great many technical issues related to bankruptcy. If you are considering filing, I would strongly advise hiring an attorney. Yes, attorneys can be expensive, but in most cases, they get paid with money that would have gone to your creditors anyway.

I hope this helps!

___________________

Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Customer: replied 5 years ago.
Why is bankruptcy better than just stop paying the bill? And,if I file do I have to go to court?
Expert:  Guru_Guy replied 5 years ago.

If you just stop paying the bills, the creditor can come after you, get judgments against you, etc. If you ever come into any money (say you later get a job or inherit something) the creditor can attach that property. Also, if the creditor eventually writes off the debt, that debt then is treated as taxable income for you and your husband (assuming you file jointly). If it is discharged in bankruptcy, you will not be taxed on the removal of the debt. For this reason alone, bankruptcy is recommended.

If you have an attorney, you may or may not have to make a court appearance. In most cases, things may be able to be worked out with only your attorney appearing. However, a creditor may challenge your assets and demand that you appear and answer questions under oath. So there is a possibility that you would have to appear.

I hope this helps!

___________________

Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Guru_Guy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2418
Experience: Years of experience providing advice on bankruptcy and other alternatives to debt problems.
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