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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi, I have $40 K in credit card debt and my wife has $20K.

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Hi, I have $40 K in credit card debt and my wife has $20K. I am considering bankrupacy but my wife has the house in her name and is trying to possilby refinance and get $20 K cash out. We can't keep paying $2,000 a month in growing credit card minimium credit card (interest) payments at 29 %. What are the chances of just me bankrupting my credit card debt, given that we have been filing taxes jointly. She makes $120. I make only $20K, and work as a trumpet teacher wh is mostly unemployed and care for my daughter in the summer. I am 61 and close to retirement age. Should I try to settle my debts at 50% of their value, as my credit is already pretty bad, or can I possibly bankrupt it?

Thank you for your question. I am happy to assist you.

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.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
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