I love in NY was divorced in 9/11 and my ex filed for bankruptcy in 12/11. He makes 135K a year and I make 75K.
We have a mortgage with a balance of 600K and the house is valued at about 500K. It has been for sale for a year now with no offers. The mortgage has not been paid since 1/11 but it has not reached foreclosure yet and I am living in it.
I have about 25K in credit card debt
. A car lease that ends in 3/12 and 80K in student loans.
1. My ex put the house in his bankruptcy so now it all falls on me. Is there a way to get around this so I dont have to claim bankruptcy also?
2. Once the house forecloses, how much will I (I assume its not we) have to owe? Are we talking a couple of thousands or hundred of thousands? What happens if I cant pay that amount? Does it get wiped away or am I forced to file bankruptcy?
3. Assumming I will have to file bankruptcy, how long before I can buy a new home? Will I be able to lease a new car with this since my current lease ends in 3/12.
4. Do I have to not use my credit cards for a period of time before I can file?
Will I be able to keep any of my zero balance cards?
5. How much cash can I keep in bankruptcy? Will I lose all of my jewelry?
6. Am I better to file bankruptcy now so that I can get it wiped off my record sooner, or to wait till the house forecloses and then file which will just keep it on my record that many more months?