Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Thank you for your response.
If you and/or your wife file a Bankruptcy, she would be able to keep the trailer because it is worth less than $60,000.
Additionally, each Bankruptcy filer is allowed to keep one motor vehicle with a value of up to $5,000. This means your wife would be able to keep her car, but you may have to agree to pay around $1,000 (over 6 - 12 months) to keep your truck, as this is what would be left over after deducting the cost to sell it and after deducting your $5,000 exemption.
1) Q: Is this a Chapter 7 or a Chapter 13?
A: This would apply to a Chapter 7 or a Chapter 13. If you file a Chapter 7, all your debts would be discharged without having to pay anything - except perhaps $1,000 for the truck. If you file a Chapter 13, you would have to pay all disposable income each month to the Bankrutpcy court for 3 years. So it makes more sense to file a Chapter 7.
2) Q: What about the other debts (medical, credit card, etc.)?
A: All of these would be discharged in your Bankruptcy.
3) Q: How would divorce affect this?
A: Divorce will not have an affect on your Bankruptcy filing, and your Bankruptcy will not have any affect on your divorce.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).