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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am married but almost all of our credit card debt is in my

Resolved Question:

I am married but almost all of our credit card debt is in my name from prior to being married. I also have real estate (empty lots) that are in my name only? Is there any way I can file bankruptcy on my own without hurting my husbands credit since our debt was mainly prior to our marriage and in my name only? We are not behind on any payments but the loan for the lots is up for renewel and the bank is insisting on a big down payment towards principle which I do not have!
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question. I am happy to assist you.

A husband and wife are not required to file a bankruptcy jointly. One party can file without the other.

The effect on the non-filing spouse will be dependent upon whether there are joint debts and/or joint assets. If there are no joint debts and no joint assets, there may be little or no effect on the non-filing spouse. If there are joint debts and/or joint assets, the non-filing spouse would remain liable on the joint debt and the joint assets would need to be included in the filing.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Customer: replied 7 years ago.
We do own a house with our names on both of it but this is basically the only thing that is in our names jointly. He has some smaller credit card debt that wouldn't be a problem for us to pay off and we are fine making our house payments. I can't think of any assets that we have jointly. Would it affect our house?
Expert:  Ellen replied 7 years ago.
how much equity to you have in your house?
Customer: replied 7 years ago.
It depends on what it appraises for? We bought it for 1.3 mil! It was appraised for 1.4 mil probably 2+ years ago but with the market it's probably down closer to 1.3 now. We probably owe 1.25 on it so not much! It's these lots that I owe $264,000 on which we bought at approx $295,000 which they just insisted on a re appraisal before loan renewel which came back only worth $155,000. So now the bank is wanting a big down payment before renewel which I have no extra money to put down. If they don't work with me I will be in default of the loan. As of now I haven't made any late payments. I do have credit card debt of a little over $100,000. The lots and that credit card debt is all in my name and not my husbands. We make good money! We just live paycheck to paycheck and can't get out of debt.
Expert:  Ellen replied 7 years ago.
unfortunately Indiana has a very low exemption for homestead property -- $7500. this means that you could lose your interest in the property in a chapter 7 bankruptcy and might have to consider a chapter 13 repayment plan

I will need to insist on the policy of Just Answer of one question/one answer. Please accept the answer I have given and if you have additional questions I will be happy to address them.
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