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Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Do not qualify for bankruptcy and can not pay credit card bills.

Resolved Question:

Do not qualify for bankruptcy and can not pay credit card bills. Now what?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Why don't you qualify?
Customer: replied 6 years ago.
My wife works and I am working from home. I may lose my contract soon and my wifes income alone is less than our credit card debt and overall cost of living. From what I have learned about bankruptcy the fact that I have great credit and my spouse works disqualifies me from filing Bankruptcy. What I would really like to know is what would be the consequences if I simply stopped paying the credit card debt?
Expert:  Ellen replied 6 years ago.
Hello,


Thank you for your question.

unfortunately you have received incorrect information. a chapter 7 bankruptcy can be filed even with good credit and a working wife. You will want to stop making payments on your credit card debt and file a chapter 7 bankruptcy if your contract ends
Customer: replied 6 years ago.
Thank you. I understand. Would you kindly inform me as to the consequences if I simply stopped paying the credit card debt? FYI - I own my home and automobile outright. But do have 25k credit card debt from years back due to unemployment.
Expert:  Ellen replied 6 years ago.
if you simply stop paying your credit cards eventually the creditors will file suit and obtain a judgment against you. the judgment may be used to execute on assets that you have. The house is an exempt asset and cannot be attached however the car may be attached
Customer: replied 6 years ago.
I see. Thank you. One more question please and I will pay youFoot in mouth. The debt I accured is mine. It happened before I was married. Her name is XXXXX XXXXX with any of this credit card debt.
Question: Can I file chap 7 and keep her out of it to the extent that her credit rating is not affected?
Expert:  Ellen replied 6 years ago.
Yes.

A husband and wife are not required to file a bankruptcy jointly. One party can file without the other.


The effect on the non-filing spouse will be dependent upon whether there are joint debts and/or joint assets. If there are no joint debts and no joint assets, there may be little or no effect on the non-filing spouse. If there are joint debts and/or joint assets, the non-filing spouse would remain liable on the joint debt and the joint assets would need to be included in the filing.
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