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If I file bankruptcy and my husband doesnt what happens with the debts that he is my co-signer? or I am his? or our bank account that is negative?
Optional Information: State/Country relating to question: Utah
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.
This is a common situation, I will do my best to provide you the information required to answer your question.
In Utah, your debts would be discharged only, if your spouse was a cosignor he would still remain liable for the debts, and the creditors would be able to sue him for the debts, and come after any of his personal property and joint property to collect on the debts.
In regards XX XXX debts that you are a cosignor, if you list them on your bankruptcy, your liability towards them would be discharged.
So is it generally better for us both to file? How do I go about finding an attorney to really see what my options are and how to go about it all.
Experience: 13 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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It is best to file a joint bankruptcy, if your combined income is less then the State medium you can file a chapter 7 bankruptcy and discharge all your debts. You can find a local attorney by calling your local bar association.
In Utah if you both make $56,932 or less, then you qualify for a chapter 7, if you make over that amount, and have children you may be able to still qualify.
http://www.legalconsumer.com/bankruptcy/means-test/state.php?st=UT
You can go to the link above to find the Utah income levels to qualify.