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1. Please advise if I should file BK alone or my husband should also file with me or separately. How about his company - should it file too? It is dead anyway.
2. Are you saying that $150 would be all that I will need to pay over the next 5 years if that is the total of all the assets I have? I don't have any personal debt. My credit cards are all paid in full every month. My husband's credit card on the other hand is completely used and not paid. That and his business line of credit is about $100k.
3. Right now 2 companies are sueing my husband and his company. They included me in the law suit because they feel that there is some hope of getting something from me. The total is about $1M and he has some tax debt of maybe around $200k or more. Maybe there are many other debts that I don't know about. Are you saying that if we have a total of $150k in assets, then I can keep those assets but need to pay $150 over the next 5 years not $1M?
4. What happens if we default on payments?
5. Can my wages be garnished by my husbands creditors?
6. Can I get a break as an innocent spouse?
Thanks for your prompt reply.
There is one company that has sued my husband, his company and included me for fraud. I was included because they feel that I was responsible for creating fraudulent invoices in my husband's company. It is true that I helped him off and on when he was busy but I had no idea what the company was doing and what contracts they had, It was like them asking me to mail a check or run an errand and I did. But the fact is that as a result they have sued me for fraud. The initial law suit was for $1M but now they claim that they have collected money from others and my husband now ows $200k. Where and how they collected I have no idea. What do I do? My husband is trying to settle with this company for $150k.
The $1M law suit is from a company that claims that I have signed a form or personal guaranty or something they call UCC. I have never met this person and never signed anything. Somebody is fooling around and I know that this is false. I don't know whether they have filed for fraud or not because I have not yet been served and I have no idea why this money was taken or is owed. My husband just told me that they have filed a case against him and included me. So I am very concerned with all this. If this $1M does not get discharged I will be liable right? For how long will I be liable? Will any of this get discharged in a BK or not ?
Maybe that guy or someone signed my signature on a form.
Will a legal separation (not divorce) from my husband help in sheilding me from these debts?
I did not sign anything.
Do you think I could qualify for a chapter 7 bk or do I have to do a chapter 13? I earn more than 100k per year but have many expenses and two kids in college. If chapter 13 how much would this cost?
I did the means test from the url you sent me. It looks like I qualify for chapter 7. It said -
You Pass the Means TestBecause the amount on Line 51 is less than the amount on Line 54, the presumption of abuse does not arise. You can file for Chapter 7 or Chapter 13 Bankruptcy.
Will this be the best option for me? This is my final question hopefully. Please tell me what to do.
So you are saying that in Chapter 7 I will lose everything I have right now but I will not lose my future income however high it is?
In chapter 13 I lose my future income (or a part of it) for 5 years after which the debts (dischargeable ones) are discharged?
Approx How much income will I lose on chapter 13?
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