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Fritz
Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience:  Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
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Hello, I am 46 and married. My wife and I each own our businesses.

Resolved Question:

Hello, I am 46 and married. My wife and I each own our businesses. Hairdressing salon, hers, construction with no employees other than me. We only have a couple joint accounts, she is not on most of my debt.
I owe 80-90 in medical bill and mostly credit cards. I was sick most of last year and the work is harder to come by. This had been accumulating for several years. Neither of us are late or behind, yet. Soon I will be unable to keep up. What are the bankruptcy options? If I were to do it what does it do for me? Can this be done without hurting my wife's credit?
We tried to get a HELOC but too much debt to income ( well of course) . What other options are there? Thank you, XXXXX XXXXX not be able to read the response until later today. Tim
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Fritz replied 1 year ago.

Fritz :

Colorado is not a community property state, so you might be able to file for bankruptcy without significantly affecting your wife's credit, assuming that most or all of the 80-90 in medical bills and credit card debt is in your name.

Fritz :

Is SOLELY in your name, and not joint debt.

Fritz :

To determine whether or not bankruptcy might be a viable option for you, could you please tell me whether your household income (including your wife's business and your business) exceeds $64,300 per year?

Fritz :

Also, could you sell your construction business if you had to do so? If you could, please provide your best estimate of how much you would expect to receive from the sale of your business.

Fritz :

Once I receive your responses to these questions, I can provide you with a more accurate answer. Thank you.

Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Fritz and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.
Selling my company would be slavery since I'm the only real asset. I already sold my truck. I have some tools but nothing of substantial value. Last year our taxable income gross 86,500 taxable was 44,000. This year it would be less but the truck sale will push it back up. About 15,000 on two credit cards has her name too. When we pulled a credit report we found that out.
Hope this helps, thanks, tim
Expert:  Fritz replied 1 year ago.

Your gross income would be counted for the purposes of determining your Current Monthly Income in Bankruptcy. Since your taxable gross income was $86,500, you would definitely be over the median income for a two-person household in Colorado (which is $63,400), This doesn't mean that you are ineligible for a Chapter 7 Bankruptcy per se, but you will need to meet with a local attorney to determine whether you are still eligible based on your particular circumstances. Another potential option for you might be a Chapter 13 Bankruptcy, where you would pay all of your disposable income into a Chapter 13 Plan for five years, and then your debt would be discharged upon completion of the five-year Chapter 13 Plan. There's also the possibility of debt settlement, which might be another alternative to look into given that much of your debt appears to be unsecured.

 

 

Many bankruptcy attorneys provide free consultations to prospective clients. You might want to schedule such a consultation with a local bankruptcy attorney to determine whether you are a good candidate for bankruptcy given your specific financial situation.

Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Fritz and other Bankruptcy Law Specialists are ready to help you

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Fritz
Fritz
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Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases