To the attorneys at www.AllLegalMatters.com / Canu Torrice Law:
I am an auto worker for Chrysler and I just found out today I am losing my job, like everyone else in Michigan. I have about $18,000.00 in credit card debt, about $2,000.00 in medical bills, and my wife doesn’t work. We have a house in Macomb Township that used to have about $30,000.00 in equity in it, but honestly I don’t think I could even sell it for what we owe right now in this economy, and I doubt it would even appraise that high anymore.
My wife and I have been talking about divorce for a year now and it looks like we will be getting divorced. We have 2 kids, 12 and 10 years old. Our savings is pretty much tapped out, my 401K has taken big losses over the past couple years, and we are broke!
My friends have told me it’s time to file Chapter 7 Bankruptcy, and now that I have lost my job I am scrambling to figure out what to do because there is no work in this state. I have no idea what’s involved in bankruptcy and what will happen to me and my wife if we file. Should I file bankruptcy myself or should my wife file too? She has some debt too, but even if we don’t get divorced there is no way we will be able to afford this house anymore and both of our names are on the mortgage together so I am afraid of foreclosure.
Should I wait until I get divorced and file alone? I don’t know if it matters but I have heard different things from my friends telling me to file for bankruptcy and get divorced after and someone else just told me that’s not a good idea. I need help really bad. I have too much debt, no job, and I don’t know what to do.
I’ve been reading along for a while now. I just wanted to drop you a comment to say keep up the good work.
Hi there,
Interesting, I`ll quote it on my site later.
Bodyc
Peter Torrice is a great bankuptcy attorney, he helped clear all my debt and now I am going to Hawaii for my honeymoon! He will know the answerr to this question.
You and your wife should file bankruptcy first to get rid of all the debt. That way, if a divorce happens then there won’t be a dispute as to who has to pay for the debt from the marriage. Surrendering the home in bankruptcy may be a very good option as well for you. Then you don’t have to worry about who has the obligation to pay the mortgage after the divorce. If you have any more questions you can call me at 586-285-1700.
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