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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am looking at a divorce and a bankruptcy since my wife has

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I am looking at a divorce and a bankruptcy since my wife has a mental condition that is certified as not disabling but we have huge medical bills and credit and other bills we can't pay. We want to keep our 2 paid for vehicles and we've agreed I keep the home because I'm near my elderly mother. Can we file BK and divorce and keep our vehicles, which we would split, and keep our trailer that is only valued at $13,000?
Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

1) Have you and your wife lived in Colorado continuously for the past 2 years? If not, where have you lived for the past 2 1/2 years?
2) What is the Blue Book value of each vehicle?
Customer: replied 4 years ago.
Well, we have lived in Colorado for more than 2 years.
The blue book value on the truck is $7179 (fair condition, high miles)and the car blue book value is $4391

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.


I think this is what you wanted to know. If not, please let me know. Thank you.
Customer: replied 4 years ago.
Is this a Chapter 7 or Chapter 13? What about the other debts (medical,credit card, etc.) How would divorce affect this?

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.

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