Possible bankruptcy issue...........HELP

[200sr20]

So this weekend I found out my ex is going to see a lawyer on Thursday about claiming some sort of bankruptcy. She claims its only for her creditcard debt and has nothing to do with the house that still has my name on the mortgage and my credit in general. I know absolutly nothing about this crap and am franticly trying to figure this shit out before I get screwed.


Can anyone shine any light on this for me?

[mtnairlover]

You can keep certain things out of the bankruptcy when you file. I kept my van out of it back in '03 and my ex kept his truck out. Oh and we kept our house out of it as well. Ha! That didn't matter too much though, since a year later we were divorcing and he decided it wasn't important to pay child support.

Anyhoo, I'll take a look at info that might be available on the net to help back up what I just said and help ease your worries. Are you guys legally divorced?

[mtnairlover]

Take a look here...http://www.ehow.com/how_15330_file-b...ndividual.html

The information about secured and unsecured debts is what's important. See if she's filing a Chapter 13. As far as how/if this will affect you...I don't think it will unless your name is on those credit cards as well. And that's as much advice as I've got, cuz I'm not a lawyer and don't even play one on TV.

[Keepitgreen]

If it's just for her and you guys are not connected in anyway, there should be no problem..
As far as her CC debt, if it's pretty high, she might want to reconsider as the Cc company will then pass it to the IRS and they look at it as income that taxes have not been paid on.

I was going to do this about 6 yrs ago and decided not to just because of this..
I left a big CC balance behind and just had to deal with creditor calls and a letter here and there.
Wasn't too proud of it, but had to do it.

[Nick_Ninja]

Is her name on the deed for the house?

[Horsman]

Is her name on the deed for the house?

Good Question....

[Nick_Ninja]

Good Question....

Uhhhhhhhhhhhhh yeah .................

[Nick_Ninja]

What property is exempt under federal law?

Remember that only 15 states and Washington, D.C. allow you to use the federal bankruptcy exemptions (see above). These exemptions can be doubled if you are filing bankruptcy jointly with your spouse --

Personal and Real Property:
(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments)
(2) Jewelry: Up to $1,075.00
(3) Vehicles: Up to $2,575.00
(4) Work tools (implements, books and tools of trade): Up to $1,625.00
(5) Health aides (wheelchair, etc.): Unlimited
(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)
(7) Real estate (house, co-op or mobile home): Up to $16,150.00
( 8 ) Any property: Up to $8,075.00 of unused portion of real estate exemption

Wages, Pensions, Recoveries and Benefits:
(1) Wages: None
(2) Wrongful death funds: Amount needed for support
(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)
(4) Lost earnings payments: Unlimited amount
(5) Retirement benefits: Amount needed for support
(6) Alimony / child support: Amount needed for support
(7) Unemployment compensation: Unlimited amount
( 8 ) Veterans benefits: Unlimited amount
(9) Social security benefits: Unlimited amount
(10) Public assistance: Unlimited amount
(11) Crime victims compensation: Unlimited amount

Insurance:
(1) Disability: Unlimited amount
(2) Unemployment benefits: Unlimited amount
(3) Unmatured life insurance: Unlimited amount
(4) Life insurance policy loan value, dividends or interest: Up to $8,625
(5) Life insurance proceeds: Amount needed for support

Debt and Bankruptcy Laws -- Colorado

WAGE GARNISHMENT EXEMPTIONS: Federal law applies

MAXIMUM INTEREST RATE: Legal: 8% Judgment: 8% or contract rate

STATUTE OF LIMITATIONS FOR COLLECTION:

Open Account (credit card): 3 years

Written Contract: 6
Written Contract for Goods and Services: 3 years
Domestic Judgment (District Court): 20 years (renewable)
Domestic Judgment (County Court): 6 years (renewable)
Foreign Judgment: 6 years

Debt Kit includes sample letters and techniques for dealing with debt collectors

BAD CHECK LAW DAMAGES: Treble Damages (3 times) plus reasonable collection fees

BANKRUPTCY PROPERTY EXEMPTIONS (Colorado Revised Statutes):

Cannot use the federal exemptions, but an use the federal non-bankruptcy exemptions. The State of Colorado exempts the following property from seizure by creditors when filing bankruptcy:

Real Estate: Real property up to $30,000 and proceeds from sale exempt for one year after received (must file homestead exemption) [38-41-201, 38-41-201.6 et seq.]; mobile home used as a residence up to $6,000 and house trailer or motor coach used as residence and only when occupied up to $3,500 [13-54-102(1)(o)(l) and (ll)]

Personal property: Appliances and household goods up to $1,500 [13-54-102(1)(e)]; health aids, unlimited amount [13-54-102(1)(p)]; clothing up to $750 [13-54-102(1)(a)]; pictures and books up to $750 [13-54-102(1)(c)]; jewelry up to $500 [13-54-102(1)(b); burial plot, unlimited amount [13-54-102(1)(d)]; food and fuel up to $300 [13-54-102(1)(f)]; machinery, tools of farmer, mules, horses up to $5,000 total [13-54-102(1)(g)]; library of professional, supplies, tools, machines, equipment and books up to $1,500 total [13-54102(1)(k)]; motor vehicles used for work up to $1,000 or up to $3,000 if used to get medical care, elderly or disabled [13-54-102(j)(1)(ll)(a)]; livestock and poultry of farmer up to $3,000 [13-54-102(1)(g)]; personal injury recoveries, unless debt is related to injury, unlimited amount [13-54-102(l)(n)]; proceeds for damaged exempt property up to exemption amount [13-54-102(1)(m)]; security deposit, unlimited amount [13-54-102(l)(r)]
Insurance / Annuities: Disability benefits to $200 per month, entire amount exempt if received in lump sum [10-16-212]; fraternal society benefits, unlimited amount [10-14-403]; group life insurance policy or proceeds, unlimited amount [10-7-205]; homeowners' insurance proceeds for one year after received and up to real estate exemption amount [38-41-209]; life insurance cash value or proceeds up to $25,000 [13-54-102(1)(1)]; life insurance proceeds if policy prohibits paying beneficiary's creditors, unlimited amount [10-7-106]
Pensions / Retirement Plans: Firefighters, unlimited amount [31-30-1117]; public employees, unlimited amount [24-51-212]; police officers, unlimited amount [31-30.5-208], teachers, unlimited amount [22-64-120]; veterans, unlimited amount [13-54-102(l)(h) and 13-54-104]; retirement benefits and IRAs, unlimited amount [13-54-102(1)(s)]
Public Benefits / Entitlements: Veteran's benefits, unlimited amt [13-54-102(1)(h)]; workers' compensation, unlimited amount [8-42-124]; aid to blind, aged, disabled and families with dependent children, unlimited amount [26-2-131]; crime victims' compensation, unlimited amt [13-54-102(1)(q) and 24-4.1-114]; unemployment compensation, unlimited amount [8-42-124]
Wages: 75% of earned but unpaid wages or pension payments (50% where supporting spouse and 60% if single; special provisions for low-income debtors) [13-54-104]
Miscellaneous: Business partnership property, unlimited amount [7-60-125]

Bankruptcy Kit illustrates how above exemptions can be used to complete bankruptcy forms

Debt Kit -- Settle unsecured debts for less than half of amount owed

Credit Kit -- Improve your credit score and reduce monthly bills by $200+

[200sr20]

Take a look here...http://www.ehow.com/how_15330_file-b...ndividual.html

The information about secured and unsecured debts is what's important. See if she's filing a Chapter 13. As far as how/if this will affect you...I don't think it will unless your name is on those credit cards as well. And that's as much advice as I've got, cuz I'm not a lawyer and don't even play one on TV.

Thanks I will check out that site tonight after work!

Is her name on the deed for the house?

Both of our names are on the deed and loan.

[Nick_Ninja]

Thanks I will check out that site tonight after work!



Both of our names are on the deed and loan.

Then you need to get a lawyer.

[TFOGGuys]

Then you need to get a "Mechanic" .

fixed

[MetaLord 9]

Sell your mohawk to make ends meet. It's sad, but tough times man...

[t_jolt]

Mike call me. I've the low down on what you need to know.

720-988-0353

Tyrel

[200sr20]

Mike call me. I've the low down on what you need to know.

720-988-0353

Tyrel

I'lll call you tonight