no profit/income self employed since 2002..80k cc debt..cp7
I am from MICHIGAN..
started daytrading stocks since 2003...used up all my savings for this biz and living expenses( around 300K ) also used up my ira
Would appreciate if i can get some advice/help..
I am thinking of filing chapter 7 as a individual cause my unsecured debt cc is around 80k...missed 1 payment by 2 days and they have hiked up their rates this month...expecting other cards to follow...so far have a pretty good credit record and score of 760.but my my new increased rates i will be overstrecthing my means..
my dad supported me last yr with a soft loan of 50k
all cc were issued to me with my wife as a secondary card holder. cc were mainly used for living expenses from the past 3 years and were maxed out with balance transfers to keep my payments low...had a cash advance/direct deposit twice on 1 card for abt 40k but the balance on this card is now back to 16k. Bought no luxury items or had any vacations on the cc..
can i file as a individual w/o my wifes knowledge..( dont want to wreck my family life )
we file taxes jointly and have a joint home mortgage and home equity ..current on these payments.
have a joint bank a/c with around 4 k for this months expenses...
also have a joint trading a/c with abt 24k which i use for the purpose of self employment/income generation and withdraw from for my living expenses thogh i have yet to see profits..File taxes as a daytrader
what effect will it have on these joint a/c if i file as an induvidual? will they be frozen or money withdrwan to pay some debt ?
also had some jewelry that was sold off in 2004/5 for living expenses...this was listed in our home insurance since 2002 and is still listed..i dont have proof of selling these jewelry...will the court ask for the jewelry since it is still listed in the insurance policy...
have literary no assets except for a 1996 suv worth around 3k
also my wife is a home maker.
given my zero income situvation i am hoping i get thru the means test to be eligible for chapter 7
thank in adavance for all your replies
Is your wife listed as a authorized user???? or is she listed as
Is your wife listed as a authorized user???? or is she listed as a joint holder in the CC? If she is just a user you are soley liable for the debt. If the cc has her joint she will be affected. Have you pulled your credit report to see which is the case???
I doubt you can file without her knowing. When you file, everyt
I doubt you can file without her knowing. When you file, everything you own goes into the bankruptcy estate, and is the responsibility of the trustee. Technically, you don't own anything except your exempt assets then. The means test should not be a problem, but if your wife's name is on the accounts, then she may be held accountable for the debt if her name is not on the petition. But you will need to make sure that you list the 50k loan from your father as a debt on the petition. For whatever it is worth, it really does not matter what you used the credit for. As long as your luxury purchases are below a level of abut $700 per account for 90 days before the filing date, then you are covered in that respect.
I would get a consultation with an attorney. It should be free, and even if you decide to go pro se, it may help give you some insights into what your position is. In my opinion, I would get an attorney. It will cost more, but I would hate to have my petition dismissed because of a techinicality.
Submitted by southernapostolic on Fri, 07/24/2009 - 16:51
